General Electric Completes Three-Way Split, Transitioning from Storied Past

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General Electric (GE) finalized its breakup into three companies on Tuesday, culminating in the dissolution of the 132-year-old conglomerate, once hailed as the most valuable U.S. corporation and a global emblem of American business prowess.

The industrial giant’s aerospace and energy businesses commenced trading as separate entities on the New York Stock Exchange, more than a year after GE spun off its healthcare division.

Upon assuming leadership in 2018, CEO Culp inherited a company grappling with diminished profits and substantial debt. With its stock plummeting nearly 80% from 2000 highs and expulsion from the Dow Jones Industrial Average after a century, GE faced significant challenges. Under Culp’s leadership, which marked the first time an outsider helmed the company, GE embarked on a path to financial recovery.

Founded in 1892 through the merger of Edison General Electric Co with a rival, GE has played a pervasive role in various aspects of life, from pioneering electricity distribution to appliance manufacturing and mortgage financing.

Post-split, GE will retain its aerospace business, which supplies engines for Boeing and Airbus aircraft and derives over 70% of its revenue from services.