General Electric will divide itself into three public companies focused on aviation, healthcare and energy.
The company said on Tuesday that it will spin off its healthcare business in early 2023 and its energy segment — which includes its renewable energy, power, and digital businesses — in early 2024. GE will maintain a 19.9 percent stake in the healthcare unit.
“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,” Chairman and CEO Lawrence Culp Jr. said in a statement.
The company jumped 11.6 percent in premarket trading following the news about the split.