The Detroit automaker has $28 billion socked away, but the Scrooge McDuckesque cash pile isn’t “burning a hole in our pocket,” according to new CEO Jim Hackett.
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The European planemaker’s marketing muscle and production expertise boosts the viability of the all-new aircraft after more than $6 billion in development costs forced Bombardier to rely on government assistance.
The company will spin off its car parts and the household-systems operations, which include a thermostats business with roots that go back to the late 19th century.
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The sale is part of a broader reorganization of GE Energy Connections & Lighting, the company’s least-profitable unit last year.
The decision caps a months-long bidding process after GE put the electrical-products unit up for sale in December.