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GE will split into 3 units, ending conglomerate for good

General Electric Co. will split into three separate companies, breaking up the once-mighty conglomerate into businesses focused on health care, power and aviation.   

The health care division will be spun off in early 2023, according to a statement Tuesday. GE will combine its renewable energy, power equipment and digital businesses into a separate unit that will then be spun off in 2024. The remaining company will consist of GE Aviation, the company’s engine-manufacturing operation. 

The decision marks the most sweeping and significant changes by Chief Executive Officer Larry Culp since he took the helm in 2018. The sprawling GE built by Jack Welch and his predecessors, with interests ranging from aircraft leasing to power plants to financial services, will no longer exist.

GE shares surged as much as 17% in premarket U.S. trading.

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