General Electric, a once-iconic symbol of American manufacturing, has officially completed its split into three separate companies, marking the end of an era for the conglomerate. The Boston-based company, known for its diverse range of products from light bulbs to jet engines, has now separated its aerospace and energy businesses, which are now trading as independent entities on the New York Stock Exchange.
The decision to split into three companies was announced in November 2021, as part of a strategic shift away from its traditional corporate structure. This move comes after GE had already divested itself of its appliance business and ceased production of its famous light bulbs.
In its prime, GE was a powerhouse on Wall Street, with its stock soaring under the leadership of CEO Jack Welch. However, the company began to falter in the early 2000s, leading to the eventual split into three distinct entities.
The newly formed companies include GE Aerospace, focused on aviation and led by CEO Larry Culp, GE Vernova, which encompasses the energy sector, and GE Healthcare, specializing in medical technology. Each company has its own unique focus and market presence.
CEO Larry Culp expressed optimism about the future of GE, stating that the split marks a new beginning for the company. With each company now operating independently, GE is poised to enter a new chapter in its storied history.