GE is to combine its renewable energy, power and digital businesses into one independently run energy unit focused on the energy transition as part of a group-wide restructuring.
The US giant intends to execute a tax-free spin-off of the new global Renewable Energy and Power business in early 2024.
As part of wider restructuring plans GE is creating independently run healthcare and independently run aviation businesses as well.
The differentiated offering of the Renewable Energy and Power business includes offering customers the world’s most powerful wind turbines, most efficient gas turbines and most powerful steam turbines, GE said, plus technology to modernise and digitise grids and electricity infrastructure.
The installed renewable energy capacity base globally using GE turbines and equipment is 400GW, GE said.
The respective capital structures, brands, and leadership teams for each independent company will be determined and announced later, GE added.
As independently run companies, the businesses will be better positioned to deliver long-term growth and create value for customers, investors, and employees, the company said.
GE chairman and CEO H Lawrence Culp said: “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. We are putting our technology expertise, leadership, and global reach to work to better serve our customers.”