General Electric Co (GE.N) said on Friday that it would double its 2016 budget for restructuring spending to fight the effects of low oil prices and slow global growth that pummeled its earnings last year.
The U.S. conglomerate plans to spend $3.4 billion on restructuring measures this year, double the $1.7 billion it targeted just last month, Chief Financial Officer Jeff Bornstein said in an interview just hours after GE reported lower-than-expected quarterly revenue.
The company’s shares were down 1.3 percent at $28.24 in afternoon trading after falling as much as 3.1 percent earlier in the session.
Bornstein said the restructuring would affect all of GE’s diverse industrial units, “with an emphasis on oil and gas” operations, …
Read the full article at: http://www.reuters.com/article/us-general-electric-results-idUSKCN0V01DQ