, which need to spend big to remodel their legacy business. Spinning out new initiatives might be tempting, especially for those whose profitability is crimped by all that spending. Intel’s shares fell 12% when it said its profits would take a hit as it invests in manufacturing. GM predicts its electric cars will only become as profitable as gas-powered cars in 2030.
But while GE’s healthcare team probably didn’t need a jet engine business under the same roof, GM’s car efforts benefit from integration. The company expects to save up to $30 billion in spending on the path to becoming fully electric by reusing existing equipment and upgrading its current plants, rather than starting from scratch. Intel’s cash flows are the lifeblood of its chip plants.
Nonetheless, some of these firms are already testing the waters, like Intel which in December said it would look to list its auto-oriented unit Mobileye. When taking meetings with bankers in 2022, it and others should be wary of offers to separate from the rest of the family jewels.
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