GE has announced plans to split into three separate companies, each one focused on a distinct industry.

GE is a true American success story, a company that traces its history to 1892 and one of history’s greatest inventors, Thomas Edison. The company has been a fixture of American business for over a century, evolving, diversifying, growing and, now, splitting.

The company will split into GE Aviation and GE Healthcare. GE Power, GE Renewable Energy and GE Digital businesses will combine to form a third company. GE Healthcare will spin off in 2023 and GE Renewable Energy and Power in 2024.

“At GE we have always taken immense pride in our purpose of building a world that works,” said GE Chairman and CEO H. Lawrence Culp, Jr. “The world demands—and deserves—we bring our best to solve the biggest challenges in flight, healthcare, and energy. 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. We are putting our technology expertise, leadership, and global reach to work to better serve our customers.

“Today is a defining moment for GE, and we are ready. Our teams have done exceptional work strengthening our financial position and operating performance, all while deepening our culture of continuous improvement and lean. And we’re not finished—we remain focused on continuing to reduce debt, improve our operational performance, and strategically deploy capital to drive sustainable, profitable growth. We have a responsibility to move with speed to shape the future of flight, deliver precision health, and lead the energy transition. The momentum we have built puts us in a position of strength to take this exciting next step in GE’s transformation and realize the full potential of each of our businesses.”

Culp will remain CEO and chairman of GE through the spin-offs, ultimately remaining CEO GE Aviation once the process is complete.