(Reuters) – General Electric completed its split into three companies on Tuesday, marking the end of an era for the pioneer industrial conglomerate that was once a symbol of corporate America.

The industrial giant’s aerospace and energy businesses will begin trading as separate entities on the New York Stock Exchange on Tuesday, more than a year after its healthcare business began trading on the Nasdaq.

The breakup is the culmination of CEO Larry Culp’s efforts to breathe new life into the company that has run into trouble, including the 2008 financial crisis that nearly bankrupted his most profitable company, GE Capital.

In late 2021, Culp announced the breakup that had eluded a generation of insiders after the company grew dramatically in size as it entered several businesses under its predecessors.

GE’s significance was so great that its financial arm was considered ‘too big to fail’ by the US government.

But as it lurched from crisis to crisis, GE, an original member of the blue chip Dow Jones Industrial Average, lost its place in the index in June 2018 and Culp, who took over as CEO after a few months, cut his dividend down to a penny level to save money.

He began informally discussing the idea of ​​a split with advisers in 2021, Reuters reported.

Culp, who is now CEO of GE Aerospace, will ring the opening bell of the NYSE on Tuesday along with Scott Strazik, CEO of energy company Vernova.

Some Wall Street industrial analysts have turned coverage of GE over to their counterparts in the aerospace and energy sectors, reminiscing about a company that emerged after famed inventor Thomas Alva Edison sold Edison General Electric Co. with a rival in the late 19th century. had merged to form GE.

Analysts now estimate the market value of GE Aerospace, which has been a cash cow for the Boston-based company, at more than $100 billion after the spinoff.

“With the successful launch of three independent, publicly traded companies complete, today marks a historic final step in GE’s multi-year transformation,” Culp said Tuesday.

Last month, GE Aerospace, which makes engines for Boeing and Airbus planes, forecast operating profit of about $10 billion in 2028 on robust demand for its products and services, and said it was targeting an initial dividend payout of 30% of net profit .

The company will trade on the NYSE under the GE symbol. GE Vernova will trade under the symbol GEV.

(Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Arun Koyyur)

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