GE completed its long-awaited plan to break into three, with shares in each of the entities closing lower as the once-mighty US conglomerate drew the curtain on more than a century of corporate history.
Shares in energy unit GE Vernova fell 1.4 per cent on Tuesday, as it traded separately from its “parent”. The latter — now known as GE Aerospace, but still trading under the classic GE stock ticker — sank 2.4 per cent.
GE Healthcare, which was spun off at the start of 2023, fell 1.6 per cent. The S&P 500 dropped 0.7 per cent.
Tuesday’s break-up completes a plan launched in 2021 to separate the industrial titan’s energy, aviation and healthcare units.
Once a symbol of US corporate might, GE’s influence and its valuation have declined for more than a decade.
After Jack Welch stepped down as chief executive in 2001, successive leaders have tried to clean up and simplify the conglomerate, whose flaws were exposed by the financial crisis of 2007-2009.