General Electric To Split Into 3 Companies

Multinational conglomerate General Electric announced Tuesday it will split into three separate companies each listed on the stock exchange, specialising in aviation, healthcare and energy.

"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," GE chairman and chief executive Lawrence Culp said in a statement.

On Wall Street, GE stock jumped nearly 11 percent to $120 in electronic trading ahead of the market's opening bell.

GE said that it would combine GE Renewable Energy, GE Power, and GE Digital into one company and spin off its healthcare division in early 2023.

The main company will focus on the aviation business, which will be led by Mr Culp.

Scott Strazik will head the combined Renewable Energy, Power and Digital business and Peter Arduini will helm GE Healthcare, the company said in a statement.