U.S. industrial conglomerate General Electric (GE) has successfully completed its break-up into three separate publicly traded companies.
The Boston-based company’s aerospace and energy businesses are each trading on the New York Stock Exchange as separate companies, while its healthcare business is trading on the Nasdaq exchange.
The break-up has been the vision of General Electric chief executive Larry Culp who sought to rescue the company that had struggled ever since the 2008 financial crisis nearly bankrupted it.
In 2021, Culp announced plans to break-up General Electric into the three separate publicly traded businesses. Culp also slashed the company’s dividend to one penny to conserve cash.
The main part of General Electric is now known as “GE Aerospace.” That business trades on the New York Stock Exchange under the original “GE” ticker symbol.
Founded by inventor Thomas Edison in the late 1800s and an original member of the Dow Jones Industrial Average, General Electric has made everything from wind turbines to light bulbs over the years.
Analysts estimate the market value of GE Aerospace at more than $100 billion U.S. now that the spinoffs have been completed.
GE Aerospace, which primarily makes aircraft engines, has forecast an operating profit of $10 billion U.S. by 2028 and said that it is targeting an initial dividend payout at 30% of net income.
GE stock has risen 80% in the last 12 months to trade at $175.36 U.S. per share.
