General Electric Splits into Three Companies
2021-11-10
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1General Electric, a company known simply as GE to generations of Americans, announced Tuesday it will split into three companies.
2GE will become three companies dealing with aviation, healthcare and energy over the next few years.
3The company, based in Boston, has been changing in recent years.
4In the 1990s, it had become a huge international company made up of many businesses that sold many different kinds of products.
5GE not only sold light bulbs and home electrical devices, but it also provided loans for airplanes and property.
6However, its loan business was heavily damaged by the financial crisis of 2008 and the coronavirus pandemic of 2020.
7GE no longer makes light bulbs or home devices and stopped the loan business in March of this year.
8GE said it will separate its healthcare business in early 2023 and its energy business, including renewable energy, power and digital operations in early 2024.
9Lawrence Culp, Jr. is the head of GE.
10He said in a statement, "By creating three industry-leading, global public companies, each can benefit."
11He added that it would be better for customers, investors and employees.
12Culp will become chairman of the healthcare company.
13Peter Arduini will serve as chief executive of GE Healthcare as of January 1, 2022.
14Scott Strazik will become chief of the combined renewable energy, power, and digital business.
15Culp will lead the aviation business along with John Slattery, who will remain its chief executive officer.
16GE will keep an interest in part of the healthcare business.
17Aviation is the most profitable part of GE's business.
18The company produces jet engines, flight systems, replacement parts and maintenance services for aircraft.
19The company has spent years becoming smaller since it had expanded in the 1980s and 1990s.
20During the late-1990s growth period, GE's rising stock price made it the most valuable company in the world.
21However, the financial crises of 2007-2008 showed that the lending business of GE was at risk of failing.
22In 2015, GE announced a big change for the company.
23It promised to sell off many parts of its business to give more attention to power, aviation, renewable energy and healthcare.
24That led to some changes in leadership.
25The company said Tuesday that it expects the split to cost about $2 billion.
26The board of directors must approve those costs.
27The roots of General Electric go back to the famous American inventor Thomas Edison who started the company in 1892.
28I'm Jill Robbins.
1General Electric, a company known simply as GE to generations of Americans, announced Tuesday it will split into three companies. 2GE will become three companies dealing with aviation, healthcare and energy over the next few years. 3The company, based in Boston, has been changing in recent years. In the 1990s, it had become a huge international company made up of many businesses that sold many different kinds of products. GE not only sold light bulbs and home electrical devices, but it also provided loans for airplanes and property. 4However, its loan business was heavily damaged by the financial crisis of 2008 and the coronavirus pandemic of 2020. GE no longer makes light bulbs or home devices and stopped the loan business in March of this year. 5GE said it will separate its healthcare business in early 2023 and its energy business, including renewable energy, power and digital operations in early 2024. 6Lawrence Culp, Jr. is the head of GE. He said in a statement, "By creating three industry-leading, global public companies, each can benefit." He added that it would be better for customers, investors and employees. 7Culp will become chairman of the healthcare company. Peter Arduini will serve as chief executive of GE Healthcare as of January 1, 2022. Scott Strazik will become chief of the combined renewable energy, power, and digital business. Culp will lead the aviation business along with John Slattery, who will remain its chief executive officer. GE will keep an interest in part of the healthcare business. 8Aviation is the most profitable part of GE's business. The company produces jet engines, flight systems, replacement parts and maintenance services for aircraft. 9Most valuable company in the world 10The company has spent years becoming smaller since it had expanded in the 1980s and 1990s. During the late-1990s growth period, GE's rising stock price made it the most valuable company in the world. 11However, the financial crises of 2007-2008 showed that the lending business of GE was at risk of failing. 12In 2015, GE announced a big change for the company. It promised to sell off many parts of its business to give more attention to power, aviation, renewable energy and healthcare. That led to some changes in leadership. 13The company said Tuesday that it expects the split to cost about $2 billion. The board of directors must approve those costs. 14The roots of General Electric go back to the famous American inventor Thomas Edison who started the company in 1892. 15I'm Jill Robbins. 16Michelle Chapman reported on this story for the Associated Press. Jill Robbins adapted it for Learning English. Mario Ritter, Jr. was the editor. 17__________________________________________________ 18Words in This Story 19aviation - n. the business or practice of flying airplanes, helicopters, and the like 20light bulb - n. a glass bulb or tube that produces light when it is supplied with electricity 21global - adj. involving the entire world 22benefit -n. a good or helpful result or effect 23customer - n. someone who buys goods or services from a business