General Electric will no longer seek an IPO for its health-care unit following the sale of its biopharma business, CEO Larry Culp told Bloomberg on Monday.
GE filed confidential paperwork for an IPO of GE Healthcare in December.
The unit is a dominant player in hospital and lab equipment, generating roughly $19 billion in revenue and $3.4 billion in profit last year. It accounted for 15.8 percent of the conglomerate’s total sales, and 43.2 percent of its operating profit in 2017.
The company has previously said spinning out the health unit makes sense because it allows the company to double down on its core industrial and energy businesses.
GE did not immediately respond to CNBC’s request for comment.
Additionally, GE is still exploring options for its imaging business, Culp reportedly also told Bloomberg.
– CNBC’s Berkeley Lovelace Jr. contributed to this report.
