GE dismantles the business that ended its dominance a decade ago

General Electric is selling off its aircraft leasing business, closing the books on its once mighty GE Capital unit, the financial arm of the company that was once its largest business and one of the world's most dominant financial institutions.

GE is selling the aircraft leasing business known as GECAS to rival AerCap (AER), an Ireland-based company that will become by far the largest company in that industry with an estimated 25% to 30% share of the market. GE will receive $24 billion in cash and stock that will give it about a 46% stake in the combined company. The company plans to use proceeds to reduce its debt by about $30 billion, part of a multi-year effort to slash $70 billion of debt from its balance sheet. It is the latest and among the most dramatic steps to reshape and slim down the now struggling company.