GE will spin off finance unit

Investor's Business Daily

General Electric (GE) confirmed plans to spin off its N. American consumer lending arm, amid efforts to focus more on industrial products, as the IPO market continues to heat up. In an SEC filing Fri., GE said the spinoff will come in an offering next year with plans to exit the retail finance business completely in '15. The company said it will sell up to 20% of the unit in the IPO. Shares rose 0.8% to 27.20.

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