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GE’S STRATEGIC SPLIT DECISION

  • By Admin
  • April 11, 2024
  • 213 Views

General Electric (GE) has a storied history dating back to its founding in 1892 by the merger of Edison General Electric Company and Thomson-Houston Electric Company. Under the leadership of visionaries such as Thomas Edison and Charles A. Coffin, GE quickly became a pioneer in electrical innovation, contributing significantly to the electrification of the United States and later the world. Throughout the 20th century, GE expanded its reach into various industries, including aviation, power, healthcare, and finance, cementing its status as one of the world’s largest and most influential conglomerates. However, in the 21st century, GE faced challenges, including financial setbacks and leadership changes, leading to the company’s first discussions on refocusing on its core businesses.
 
Now General Electric has successfully launched its three independent investment-grade companies, following several years of financial operational and cultural transformations. In November of 2021, GE announced plans to divide its business into three publicly trading companies. GE Healthcare was launched just over a year ago, and this month the last piece has fallen into place when GE separated into GE Aerospace, formerly GE Aviation, and GE Vernova, the former energy business.
 
The first stand-alone company, GE HealthCare, is a leader in precision healthcare solutions. This company, which serves 1 billion patients annually, provides integrated solutions to increase healthcare efficiency and provide better care for patients.
 
GE Vernova, an energy industry leader, generates 30% of the world’s electricity. Their goal is to build an electrical system that is both good for business and good for the climate. A strong focus will continue in the power sector, providing gas, steam, hydro, and nuclear. In addition, wind energy (offshore and onshore) and electrification (grid solutions, solar storage) will provide a much-needed sustainable energy source.
 
GE Aerospace is a world-leading provider of integrated systems in aviation and jet engine manufacturing. This company has installed an impressive 44,000 commercial engines and over 26,000 military and defense engines. GE Aerospace earned $32 billion in revenue and is credited for powering 3 out of 4 commercial flights globally.
 
And with the stage set for this monumental transformation, General Electric’s split into three companies marks not just the end of an era, but the beginning of a new chapter in its storied history. As the dust settles and the newly independent entities chart their own courses, one thing remains certain: the future of GE and its role in shaping industries is poised for an exciting evolution.