Industrial conglomorate GE, who was recently booted out of the DOW Index, has announced that it will spin off its GE Healthcare division into a stand alone company.

Presumably, it will then try to sell or IPO it to raise cash, in the same way Siemens earlier this year spun off its Medical Systems division as Siemens Healthineers. GE also announced that it was planning to sell off its Baker Hughes energy division as the sprawling US industrial conglomerate slims down its operations.

GE said after an indepth strategic review it has decided to focus in the future on aviation, power and renewable energy, “creating a simpler, stronger, leading high-tech Industrial company”.