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GE to split into 3 separate companies focused on health, aviation, energy

GE to split into 3 separate companies focused on health, aviation, energy
GE has been a major conglomerate company in the U.S. for decades and has been a major producer of appliances, aviation parts and power turbines. File Photo by Urs Flueeler/EPA-EFE

Nov. 9 (UPI) -- Industrial giant General Electric announced Tuesday that it will break into three different companies -- one each to focus entirely on aviation, healthcare and energy.

GE said the healthcare company will spin off in 2023, in which it will keep a near 20% stake, and the energy unit in 2024.

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The name General Electric will continue with the third company, focused on aviation and "shaping the future of flight."

"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," GE CEO H. Lawrence Culp, Jr. said in a statement.

Culp, the Boston-based company's CEO since 2018, said GE is focused on reducing debt, improving operational performance and growing profits.

As of 2020, GE held total assets valued at about $255 billion and owned broadcast network NBC until 2013.

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