The engine failure that forced an emergency landing of a Southwest flight on Tuesday couldn’t have come at a worse time for General Electric, former GE Vice Chairman Bob Wright told CNBC on Thursday.
The engine was manufactured by CFM International, a joint venture of GE and France’s Safran Aircraft Engines.
“The CFM situation right now is just so unfortunate. It’s unfortunate that it happened. It couldn’t have happened at a worse time for GE,” Wright said on “Squawk on the Street.”
Shares of GE, the Dow’s worst performer, have fallen more than 21 percent year to date and over 54 percent in the last year. The company slashed its dividend in November for the second time since the Great Depression.
The Boston-based multinational is in the midst of restructuring. That could include splitting itself up into separate companies, with a decision announced as early as this spring. GE is scheduled toreport first-quarter earnings before the bell Friday.
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