COMMERCIAL REAL ESTATE: A contrarian bet on suburban office space. PAGE 3
YOUR VIEW: Outgoing U.S. Attorney Lausch’s notable legacy. PAGE 10
CHICAGOBUSINESS.COM | JANUARY 30, 2023 | $3.50
FORUM I LABOR ORGANIZING
A WORKERS MOVEMENT IN PROGRESS
JOHN R. BOEHM
Labor organizing makes inroads in nontraditional areas, and Chicago joins the wave. | PAGE 15
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GE HealthCare needs to trim down to bulk up Chicago’s newest public company spins out of GE with plans to rev up growth while shedding debt and costs I BY KATHERINE DAVIS GE HEALTHCARE STARTS independent life with a strong position in big medical equipment markets and plans to jump-start growth through acquisitions and technology innovations. But it also carries a heavy debt load and some excess costs that need to be cut. Spun off by longtime parent General Electric this month, Chicago’s newest public company joins a local roster of health
care giants that includes Abbott Laboratories, AbbVie and Baxter International. Some 1,000 of GE HealthCare’s 51,000 worldwide employees are in Illinois, with several hundred at a downtown headquarters. “This has been a real hub for us,” says Brian Montgomery, GE HealthCare’s chief strategy officer. “We’re . . . looking forward to life here as a standalone, publicly traded company.”
GE HealthCare CEO Peter Arduini
GE HealthCare sells imaging machines, ultrasound equipment, patient monitoring products and diagnostic agents to hospi-
tals and other health care providers. Sales rose 4% to $18.3 billion last year. Not surprisingly for a GE offspring, the health care business is No. 1 or No. 2 in each of its markets, according to Chicago financial firm Morningstar. GE HealthCare’s sales represent about 22% of the $84 billion total addressable markets for its four business segments, the largest market share. But the markets grow relatively slowly, at annual combined rates of 4% to 6%. See GE HEALTHCARE on Page 23
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Can a later, shorter version of ‘Chicago Tonight’ compete? PAGE 8
Look inside this angular 1990s house by a noted architect. PAGE 27
1/27/23 3:36 PM