General Electric Co intends to spin off part of its North American retail finance business next year as a separately traded public company, part of a long-term plan to generate less profit from the volatile financial sector and more from manufacturing.The initial public offering, announced on Friday, should help reduce GE's so-called "bank discount" on Wall Street. For years, investors have punished the company for relying on financial instruments, rather than manufacturing, to make money. Earlier this year, GE was labeled "Too Big To Fail" by the U.S. government.Shares of rivals Honeywell International Inc and United Technologies Corp, which rely far less on lending for its profits, have eclipsed GE's stock since the 2008 recession.As part of the IPO, which Chief Executive Jeff Immelt hinted at earlier this year, GE said it will float about 20 percent of the retail finance unit in the initial public offering.
Honeywell International Inc. (Honeywell) is a diversified technology and manufacturing company, serving customers worldwide with aerospace products and services, control, sensing and security technologies for buildings, homes and industry, turbochargers, automotive products, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals, and energy efficient products and solutions for homes, business and transportation. Shares of HON fell by 0.21% or $-0.19/share to $88.48. In the past year, the shares have traded as low as $58.29 and as high as $88.82. On average, 2589000 shares of HON exchange hands on a given day and today's volume is recorded at 1986995.
United Technologies Corporation (UTC) provides high technology products and services to the building systems and aerospace industries worldwide. Shares of UTX traded higher by 0.04% or $0.04/share to $108.73. In the past year, the shares have traded as low as $74.47 and as high as $112.46. On average, 2933950 shares of UTX exchange hands on a given day and today's volume is recorded at 1870038.
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