- The slow-motion dissolution of the industrial giant General Electric Co. has reached a critical milestone as it begins trading under GE HealthCare Technologies Inc. following the separation of its healthcare division.
- It will now have three divisions: jet engines, natural gas-powered turbines, and wind turbines. The gas and wind turbine companies are anticipated to be integrated with other GE energy businesses to form the new company GE Vernova, which will separate in early 2024.
- The conglomerate says it will concentrate on its aviation, electricity, and renewable energy sectors. The company will continue to operate under the GE Healthcare name, under the leadership of GE Healthcare CEO Kieran Murphy. The remaining 80% of GE Healthcare will be distributed to shareholders tax-free after GE aims to monetize 20% of it.
Why it matters
The deal has been in development for more than four years. The company's decision to sell off its electricity companies will be heavily discussed and analyzed according to industry players.
