When General Electric announced in 2021 that it would be separating into three businesses—GE HealthCare, GE Aviation, and GE Vernova—the new companies' treasury teams faced a huge amount of work. Historically, core treasury activities had been centralized within GE corporate, but each of the divested companies would need its own treasury organization, optimized to serve the needs of its business.
GE HealthCare (GEHC) manufactures MRI and CT scan machines; ultrasound equipment; and contrast media, such as dyes that patients ingest to help doctors understand what is happening inside their bodies. GEHC sells these devices to hospitals, clinics, universities, and research facilities around the world.
"We serve the entire spectrum of the medical industry," says treasury operations manager Andrew Walecka. "We do business in 160 countries and have material FX [foreign exchange] exposure across 40 currencies." As GEHC was preparing to spin off from GE, its FX hedge portfolio totaled $16 billion. These hedges derived from two primary types of exposure.
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Meg Waters
Meg Waters is the editor in chief of Treasury & Risk. She is the former editor in chief of BPM Magazine and the former managing editor of Business Finance.
