General Electric (GE) - Get General Electric Company Report is splitting into three separate companies over the next few years. On Tuesday, the U.S. industrial giant said it will form three companies focused on aviation, healthcare and energy.
The company intends to spin-off its healthcare and energy segments in 2023 and 2024, respectively.
“At GE we have always taken immense pride in our purpose of building a world that works. The world demands—and deserves—we bring our best to solve the biggest challenges in flight, healthcare, and energy," said GE CEO Lawrence Culp in a statement. "By creating three industry-leading, global public companies, each can benefit from greater focus, tailored capital allocation, and strategic flexibility to drive long-term growth and value for customers, investors, and employees."
"We are putting our technology expertise, leadership, and global reach to work to better serve our customers,” he added.
The company said the move will put its businesses in better positions to deliver long-term growth.
"Peter Arduini will assume the role of president and CEO of GE Healthcare effective January 1, 2022. Scott Strazik will be the CEO of the combined Renewable Energy, Power, and Digital business while John Slattery continues as CEO of Aviation," the company said.
The 130-year old company posted stronger-than-expected third quarter earnings in October.