GE completes three-way split, breaking off from its storied past

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Reuters
GE completes three-way split, breaking off from its storied past

Reuters
Tue, Apr 2, 2024, 6:36 AM EDT • 2 min read

(Reuters) - General Electric on Tuesday completed its breakup into three companies, marking the end of an era for the industrial conglomerate pioneer that was once a symbol of American business power. ... The industrial giant's aerospace and energy businesses will begin trading on the New York Stock Exchange as separate entities on Tuesday, more than a year after its healthcare business began trading on the Nasdaq.

The breakup is a culmination of CEO Larry Culp's efforts to breathe life into the company that ran into struggles, including the 2008 financial crisis that nearly bankrupted its most profitable business, GE Capital. ... In late 2021, Culp announced the breakup that had eluded a generation of insiders after the company had grown vastly in size as it entered diverse businesses under predecessors.

Such was GE's significance that its finance arm was deemed "too big to fail" by the U.S. government. ... But as it lurched from crisis to crisis, GE, an original member of the blue chip Dow Jones Industrial Average, lost its place in the index in June 2018 and Culp, who took over as CEO after a few months, cut its dividend to a penny to conserve cash.

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