The more-than-a-century old General Electric is splitting into three different companies, the Wall Street Journal reports.
CNN adds that the company, founded by Thomas Edison in 1892, was once a powerful conglomerate, but has struggled in recent years despite selling its appliance and even its iconic light bulb businesses.
According to the Journal, GE is spinning its aviation, healthcare, and energy businesses into three different publicly traded companies. "This is the best way to fully realize the potential of these businesses," CEO Larry Culp tells the paper.
The Journal adds that this move is similar to the approach the German company Siemens took. It spun out its healthcare business in 2018 and its energy business in 2020, it says.
In a press release, GE says it plans to spinout its healthcare business in early 2023 and its energy business in 2024. GE adds that Peter Arduini will become president and CEO of GE Healthcare, which will have a precision health focus, at the start of 2022.