GE CEO Culp lays out new focus on 4 businesses, aims to restore dividend to inline with peers

General Electric is looking to make its recent bounce back permanent, with Chairman and CEO Larry Culp laying out his vision for the company's turnaround in a letter to shareholders on Tuesday as part of GE's annual report.

GE is looking to focus and rebuild around four businesses under Culp, the letter said: Power, renewable energy, aviation and healthcare. The letter focused on the company's aims to improve GE's cash generation, while also cutting costs, and eventually restoring the once-treasured dividend.

"We intend to maintain a disciplined financial policy, targeting a sustainable credit rating in the single-A range, GE industrial leverage of less than 2.5x net debt*-to-EBITDA, a GE Capital debt-to-equity ratio of less than 4-to-1, and ultimately a dividend level in line with our peers," Culp said in the letter.

Culp pointed to the value provided by the merger of GE's transportation with Wabetc, as well as the planned exit from Baker Hughes. GE is "pursuing an orderly separation" from its stake in BHGE, "to maximize value for both companies," the letter said.

This is a developing story. Check back for updates

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