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GE to Split into Three Publicly Traded Companies
GE said Tuesday it planned to split into three public companies focused on aviation, healthcare, and energy. The Boston-based conglomerate will spin off GE Healthcare and combine its energy businesses into an entity to be spun off in early 2024.
“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,” said GE chairman and CEO H. Lawrence Culp.
Following the spin-offs, Culp will lead an aviation-focused GE, which is expected to maintain a 19.9% stake in the healthcare company.
It wasn’t immediately clear whether the split would mean separate headquarters for each of the post spin-off entities. GE relocated its headquarters to Boston from Connecticut in 2016, and later sold its planned headquarters site to a partnership of Alexandria Real Estate Equities and National Development for $252 million.
Originally set to make 5 and 15 Necco St. in Boston into its headquarters campus, GE now occupies space only at 5 Necco.
Photo courtesy of GE Aviation.
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