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A General Electric employee between wind turbine nacelles during the construction of a wind farm near Saint-Nazaire, France, in September. Photo: Sebastien Salom-Gomis/AFP via Getty Images

General Electric announced Tuesday it will break itself into three independent companies focused on aviation, health care and energy.

Why it matters: The planned split of the once industrial powerhouse comes after years of seeing its stock underperform and the buildup of high levels of debt.

What they're saying: "The world demands — and deserves — we bring our best to solve the biggest challenges in flight, health care and energy," GE CEO Lawrence Culp said in a statement.

  • "By creating three industry-leading, global public companies, each can benefit from greater focus, tailored capital allocation and strategic flexibility to drive long-term growth and value for customers, investors and employees," he added.

The big picture: It hopes to spin off GE Healthcare in early 2023 and combine GE Renewable Energy, GE Power and GE Digital into one business in early 2024.

  • GE itself will continue on as an aviation-focused company led by Culp.

Go deeper: Meet General Electric's flexible power transformer

Go deeper

Nov 9, 2021 - Podcasts

What went wrong at General Electric

General Electric was once considered the most valuable company in the world, a conglomerate that spanned industries and was respected specifically for its management prowess.

But over the last two decades, the company has imploded in slow motion. On Tuesday, GE announced it would break into three distinct companies, marking the beginning of the end for the multinational behemoth.

Axios Re:Cap host Felix Salmon is joined by Ted Mann, journalist and co-author of Lights Out: Pride, Delusion, and the fall of General Electric.

Ben Geman, author of Generate
Nov 9, 2021 - Energy & Environment

U.S. unveils roadmap for net-zero aviation emissions by 2050

Photo: Massimo Insabato/Archivio Massimo Insabato/Mondadori Portfolio via Getty Images.

The Transportation Department is unveiling a multi-agency roadmap to slash greenhouse gas emissions from the U.S. aviation sector with a target of reaching net-zero by 2050.

Why it matters: Aviation accounts for around 3% of global carbon emissions, but has other warming impacts too. It accounts for 11% of U.S. transportation-related emissions, according to the White House.

Biden: Fight against Omicron won't include "shutdowns or lockdowns"

Photo: MANDEL NGAN/AFP via Getty Images

President Biden on Monday said that the new coronavirus variant, Omicron, is "a cause for concern, not a cause for panic.

Driving the news: Biden said later this week the administration will be releasing a strategy on how "we're going to fight COVID this winter. Not with shutdowns or lockdowns, but with more widespread vaccinations, boosters, testing and more."

This is a developing story. Check back for updates.