GE plans to form three public companies
USA, Boston: Today GE announced plans to form three industry-leading public companies focused on the growth sectors of aviation, healthcare and energy.
Image for illustration purposes
USA, Boston: Today GE announced plans to form three industry-leading public companies focused on the growth sectors of aviation, healthcare and energy.
This is a defining moment for GE, building on the significant momentum from our strengthened financial position and operating performance. The company plans to pursue a tax-free spin-off of GE Healthcare, creating a pure-play company at the centre of precision health. GE is also to combine GE Renewable Energy, GE Power, and GE Digital into one business, positioned to lead the energy transition. The spin-off of Healthcare is planned in early 2023 and that of the Renewable Energy and Power business in early 2024. Following these transactions, GE will be an aviation-focused company, shaping the future of flight.
As independently run companies, the businesses will be better positioned to deliver long-term growth and create value for customers, investors, and employees.
“Today is a defining moment for GE, and we are ready. Our teams have done exceptional work strengthening our financial position and operating performance, all while deepening our culture of continuous improvement and lean. And we are not finished—we remain focused on continuing to reduce debt, improve our operational performance, and strategically deploy capital to drive sustainable, profitable growth. We have a responsibility to move with speed to shape the future of flight, deliver precision health, and lead the energy transition. 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,” said GE Chairman and CEO H. Lawrence Culp.
Source: GE