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General Electric announces plan to split into three separate companies
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General Electric said on Tuesday it would split into three public companies as it seeks to simplify its business, pare down debt and breathe life into a battered share price.
The split marks the end of the 129-year-old conglomerate that was once the most valuable US corporation and a global symbol of American business power. GE shares jumped 7% in early trading, reaching a nearly three-and-a-half-year high.
GE has faced investor skepticism about its ability to turn a corner since the 2008 financial crisis, while struggling with rising debt. The company was also removed from the Dow Jones in 2018 following years of sliding valuation.
GE’s revenue for 2020 was $79.62bn, a far cry from the over $180bn in revenue it booked in 2008.
In 2015,
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