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General Electric CEO Jeffrey Immelt says the giant conglomerate is undergoing a renewal after what was one of the most difficult years in the company's 117-year history.

GE is targeting high tech industrial businesses like energy and health care as it tries to navigate out of the recession. It also plans to rely a lot less on its lending arm, which once was its biggest source of profits.

The combination of the financial crisis and the deep recession drove down GE profits in 2009, forcing GE to take drastic measures to save cash and shore up its businesses.

Immelt says the economic environment remains "challenging," but GE's outlook is improving.

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