General Electric will start 2023 by splitting off its healthcare unit, completing a key step in the slow-motion breakup of the industrial giant. For the rest of the year it will face questions about the next big step: shedding its power businesses.

GE HealthCare Technologies will start trading this week, leaving the once-sprawling conglomerate with three divisions: jet engines, natural gas-powered turbines and wind turbines. The gas and wind turbines are expected to be combined with other GE energy businesses into a new company called GE Vernova that will split off in early 2024.

The power-generation business, which dates to the origins of GE and was once a fountain of profit, has produced losses, accounting headaches and concerns about its fossil-fuel burning future in recent years as the world moves toward greener sources of energy. The onshore wind-turbine business, meanwhile, has struggled with cost inflation and supply-chain problems.

Source: Wall Street Journal

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