General Electric (GE) will be splitting into three different companies focused on aviation, power and health care, the company announced Tuesday.
In a statement, GE said it would spin-off GE Healthcare into a business in early 2023. The company also plans to combine its renewable energy, power and digital business into a single entity, which the company plans to spin off in 2024.
After those two companies are split, the initial GE will be a business focused on aviation.
GE chairman and CEO H. Lawrence Culp said Tuesday was a “defining moment for GE, and we are ready.”
“We have a responsibility to move with speed to shape the future of flight, deliver precision health, and lead the energy transition,” Culp said. “The momentum we have built puts us in a position of strength to take this exciting next step in GE’s transformation and realize the full potential of each of our businesses.”
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GE was founded by Thomas Edison in the late 1800s, CNBC noted, and over time has become a leader in appliances, jet engines and wind turbines.
Stocks in GE surged by 17 percent in pre-market trading on the news, CNN reported. Before the announcement, the stock was up over 25 percent this year.
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GE splitting into three companies https://t.co/859RkWP4cT pic.twitter.com/1COvcWR8m9
— The Hill (@thehill) November 9, 2021
So what about appliances? Or does another company make those items now?
I’ve had GE appliances for many years and I love them.
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