Storied General Electric to split into 3 public companies

General Electric is splitting itself into three public companies that concentrate on aviation, healthcare and energy

GE Appliances-Kentucky (AP)

General Electric is splitting itself into three public companies focused on aviation, healthcare and energy.

The company said Tuesday that it plans a spinoff of its healthcare business in early 2023 and of its energy segment in early 2024. GE anticipates keeping a 19.9% stake in the healthcare unit.

The company expects one-time separation, transition, and operational costs of approximately $2 billion related to the actions.

GE, based in Boston also announced that it foresees lowering its debt by more than $75 billion by the end of the year.