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GE to split into three companies; shares jump 15%

November 9, 2021

General Electric (NYSE:GE) Co said on Tuesday it was planning to split into three public companies as it looks to cut debt and streamline its business, sending its shares up 15% in premarket trading.

GE said it would combine GE Renewable Energy, GE Power, and GE Digital into one company and spin off its healthcare division in early 2023.

The main company will focus on the aviation business, which will be led by Chief Executive Officer Lawrence Culp.