By Thomas Gryta WSJ Wed., Feb. 13, 2019 The turnaround of General Electric Co. depends on the revival of its core power business, a reversal that will require Chief Executive Larry Culp to churn through a $92 billion sales backlog marred by lousy projects. “We certainly have some business that we need to work through where the margins and the cash generation isn’t great,” Mr. Culp said in a recent interview. The new GE boss called it an “inheritance tax.” Boston-based GE lost $200 billion in market value in 2017 and 2018 as it struggled to cuts costs and misjudged market shifts. The backlog of orders in the power division—won in recent years both by GE salespeople and companies GE acquired—wasn’t always built on attractive terms, as previous leaders chased market share. “There was a level of confidence that if we got the order it would be a good thing for GE and the GE shareholder,” he said. But that didn’t turn out to be true. The company recorded $750 million in charges from the power business in the fourth quarter to reflect adjustments to those realities. Mr. Culp said some of the projects accompanying GE’s takeover of the power… Read full this story
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