The announcement that GE will spin off its healthcare business, energy segment including renewable energy, power and digital operations signals the end of the conglomerate era.
The storied American company General Electric, which struggled under its own weight after growing to become a sprawling conglomerate, will divide itself into three public companies focused on aviation, healthcare and energy, AP reports.
GE has spent recent years unwinding the empire created by Jack Welch in the 1980s. It was heavily damaged by the financial crisis, particularly the financial division of the company that was dislodged this year.
The company has already spun off many of the products most Americans are familiar with, including its appliances and last year as well as the light bulbs that it had been making since the late 19th century when the company was founded.
When the General Electric announced Tuesday that it will spin off its healthcare business in early 2023 and its energy segment including renewable energy, power and digital operations in early 2024, it may have signaled the end of the conglomerate era.
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