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GE to split into three companies; shares jump 15% -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The logo for the U.S. conglomerate General Electric can be seen at Belfort’s energy branch, France on February 5, 2019. REUTERS/Vincent Kessler/File photo

(Reuters) – General Electric (NYSE:) Co stated Tuesday that they were planning to divide into three companies. The move sent shares in the U.S. conglomerate up by 15% prior to the bell.

GE stated it would merge GE Renewable Energy with GE Power and GE Digital, as well as pursue a tax-free spinoff of GE Healthcare.

According to the U.S. conglomerate, its aviation unit will become the third.

Lawrence, GE chief executive officer will oversee the airline business after the spin-off and also serve as the non-executive chair of GE Healthcare.

Scott Strazik will lead the business’ combined Renewable Energy, Power and Digital.

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