GE To Become 3 Separate Companies

GE , To Become, 3 Separate Companies.
General Electric (GE) made
the announcement on Nov. 9.
The company, which was founded
by Thomas Edison in 1892, .
The company, which was founded
by Thomas Edison in 1892, .
will now operate as separate publicly-traded aviation, health care and energy businesses.
will now operate as separate publicly-traded aviation, health care and energy businesses.
will now operate as separate publicly-traded aviation, health care and energy businesses.
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, Larry Culp, GE CEO, via press release.
Today is a defining moment for GE, and we are ready. The momentum we have built puts us in a position of strength to take this exciting next step in GE's transformation and realize the full potential of each of our businesses, Larry Culp, GE CEO, via press release.
CEO Larry Culp, who took the reigns in 2018,
has worked to chip away at GE's massive debt load
that's accrued since the 2008 financial crisis.
Prior to the spinoff announcement,
the stock was up over 25% so far this year.
After the news, GE shares surged up to 17% before settling at about a 6% gain shortly
before the market opened.
After the news, GE shares surged up to 17% before settling at about a 6% gain shortly
before the market opened