General Electric announced Tuesday it will break itself into three independent companies focused on aviation, health care and energy.
Why it matters: The planned split of the once industrial powerhouse comes after years of seeing its stock underperform and the buildup high levels of debt.
What they're saying: "The world demands—and deserves—we bring our best to solve the biggest challenges in flight, healthcare, and energy," GE CEO Lawrence Culp said 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," he added.
The big picture: It hopes to spinoff GE Healthcare in early 2023 and combine GE Renewable Energy, GE Power and GE Digital into one business in early 2024.
- GE itself will continue on as an aviation-focused company led by Culp.
Go deeper: Meet General Electric's flexible power transformer
