GE is splitting into 3 companies

GE says it will split into three separate publicly traded companies focusing on aviation, healthcare and energy.

The company will spin off the healthcare and energy businesses, leaving behind a GE that will focus on jet engines.

General Electric Co. said it would split into three public companies, breaking apart the more than that was once a symbol of American manufacturing might and has struggled in recent years.

Healthcare

GE said it is spinning off GE Healthcare, which makes MRIs and other hospital equipment, in early 2023, with GE expecting to retain a stake of 19.9% that it plans to sell over time. In 2020, the unit had about $17 billion in revenue.

Energy

G E plans to combine its power unit and renewable energy unit, which make turbines for power plants and wind farms, respectively, and spin off that operation in early 2024. The company’s remaining digital division will also be moved into the power business. Those units together had about $33 billion in revenue in 2020.

Jet Engines

That would leave behind a GE focused on making and servicing jet engines. The unit, a key supplier to Boeing Co., has been hard hit by the pandemic and had about $22 billion revenue in 2020.