| 16.3°C Dublin

GE has no plans to sell Shannon-based aviation finance arm - CEO Larry Culp

Close

GE Capital Aviation Services Ltd (GECAS) is based at Shannon

GE Capital Aviation Services Ltd (GECAS) is based at Shannon

GE Capital Aviation Services Ltd (GECAS) is based at Shannon

GE says it has no plans to sell its Shannon, Co Clare headquartered aviation finance arm after announcing results earlier today.

Recent reports had suggested GE had received an approach from private equity giant Apollo about a sale of the Irish business.

“We have no plans to sell Gecas,” GE CEO Larry Culp said on an investors call.

GE’s shares and bonds jumped as its new boss pushed ahead in tackling two of the biggest concerns hanging over the company: its heavy debt load and a US investigation into the company’s old subprime lender.

Shares are up after GE beat estimates for sales and cash flow in the fourth quarter and said it had reached a tentative deal to settle a subprime mortgage case with US regulators.

Shares were up 9.6pc ahead of the US market even opening as the company said profits rose in its aviation, healthcare and oil-and-gas businesses, off-setting weakness in power and GE Capital.

The US industrial conglomerate reported a $666m profit for the fourth quarter and said revenue rose 5pc to $33.3bn, above analyst estimates of $32.6bn, according to Refinitiv IBES.

Online Editors