General Electric’s share jumped 15.5% in pre-conference trading, to its highest level since January 2018, after announcing that it was breaking into three companies.
General Electric said it plans to split its healthcare business, GE Healthcare, in early 2023, with 19.9%.
It will also merge GE Renewable Energy, GE Power, GE Digital, and then separate the merged entity from its assets in early 2024.
Following the split, GE will remain a company with a focus on catering.
The current CEO of GE, Larry Culp, will be the non-executive chairman of GE Healthcare after its separation and will be the CEO of GE until the second split, when he will become the head of GE with a focus on aviation.
“By creating three leading companies in their industry, listed companies, each can benefit from greater focus, tailored capital allocation and strategic flexibility and bring long-term growth and value to its customers, investors and employees,” he said. Culp.
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Source From: Capital
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