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Jim Cramer was elated to see that General Electric is finally getting credit for its major turnaround. The company has taken several steps to transform itself from a largely financial company that made turbines, engines, locomotives and MRIs, back into a fast-growing industrial powerhouse with very little banking exposure, as it has sold off $126 billion in assets from its GE Capital business.
"GE is transforming itself into a leaner, more focused, and easier to analyze company," the "Mad Money " host said.
As a result of this transformation, Cramer said that GE may be able to reward shareholdings with buying back an immense amount of stock and offer an even larger dividend than its current 3 percent yield.
To find out what could be in store for the future of the company, Cramer spoke with the architect behind the turnaround, Jeff Immelt, GE's chairman and CEO.
With GE's stock as the best performing large-cap industrial in the market, Immelt attributed its success to a combination of the disposition of GE Capital occurring in a fast and valuable way, the spinoff of its credit arm called Synchrony and the fast, organic growth of its industrial business. As a result, people are able to understand the company better.
"When I look at the next three years, the GE team knows exactly what we have to do. We've got all the tools to do it with, and I think from a capital allocation, earnings growth, organic growth standpoint, we are a good bet for investors right now," Immelt said. (Tweet This)
Read more from Mad Money with Jim Cramer
The CEO also added that GE's bets on technology, digitization and globalization are all paying off. And, in the current volatile and slow-growth environment, he thinks GE's multibusiness structure allows it to be able to maintain strength better than a single purpose company.
"While the only-gas business may be tougher, the aviation business is booming, and you add all of those up and you get an industrial organic growth in the mid-single digits. That looks damn good in the environment we are in right now. So, that's what it takes," Immelt said.
GE has also made large bets in the past on fossil fuels, including oil. Since then, the price of oil has plummeted. However, Immelt said GE did not invest in oil because he thought the price would skyrocket. Rather, he felt the industry was largely lacking competition from a technology standpoint, and he still believes that.
"I think for the long term I still believe in this business, but we really built our business around technical intensity, not trying to predict what the price was going to be. And I see this even more relevant with lower oil prices than I did when prices were $100-plus," Immelt said.