GE officially announced the spin-off of independent companies and their main businesses
According to reports, the CEO of GE said that the new "GE Aerospace" brand of its aviation business will point to a broader strategic space and may eventually enter new business areas.
On November 9, 2021, the old American industrial giant General Electric (GE) officially announced the split plan.
According to the plan, GE reorganized "one into three" into three listed companies, focusing on aviation, medical health and energy respectively. Specifically, the first to be split is the medical sector. In 2023, GE will initially divest its healthcare business and create a precision medical company. At the beginning of 2024, the energy business will be separated, and GE Renewable Energy, GE Power and GE Digital will be merged into one enterprise to position the energy transformation. After the split, GE will continue to use its existing name and become a company focusing on aviation business.
In terms of management, after the separation of the medical business, Lawrence Culp, the current chairman and CEO of the company, will also serve as the non-executive chairman of the new company, and continue to serve as the chairman and CEO of the rest of GE's departments until the separation of the energy department. Lawrence Culp said: "By creating three industry-leading global listed companies, each company can benefit from more focused and customized capital allocation and strategic flexibility to promote the long-term growth and value of customers, investors and employees."
Analysts believe that the medical and aviation departments separated from GE will be listed separately in the future, which is undoubtedly good for the relatively profitable business. Kapoor also said that the company will have more strategic flexibility after the split.
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