General Electric to split apart

General Electric announced on Tuesday that it is breaking up the industrial giant into three public companies. The split marks the end of the 129-year-old US conglomerate.

The first employees of General Electric started out selling light bulbs, stoves, and x-ray machines. They grew the company into the largest in the world. But GE has struggled under its own weight.

Executives will reorganize their businesses into three growth sectors. They will focus GE itself on aviation. They will spin off their healthcare division in 2023, and their renewable energy business in 2024.

Chief Executive Officer Lawrence Culp said by creating three industry-leading companies, each can benefit from greater focus. He said they will have the flexibility to drive long-term growth and value.