GE to split into three companies; shares jump 15pc

NEW YORK, Nov 9 — General Electric Co said today it was planning to split into three public companies, sending shares of the US conglomerate up 15 per cent in trading before the bell.

GE said it would combine GE Renewable Energy, GE Power, and GE Digital into one, while pursuing a tax-free spin-off of GE Healthcare.

Its aviation unit will be the third entity, the US conglomerate said.

GE Chief Executive Officer Lawrence will lead the aviation business once the spin-off is complete and serve as non-executive chairman of GE healthcare company.

Scott Strazik will be the CEO of the combined Renewable Energy, Power and Digital business. — Reuters