November 9 – BOSTON – General Electric on Tuesday morning announced plans to split GE Power, which has large manufacturing operations in Schenectady, and GE Healthcare, which has a small plant in Rensselaer County.
The move would leave GE Aviation as the only company in the once huge conglomerate.
The announcement called it a watershed moment for GE, and it would be the last step in a long-term effort to winnow what was once a large conglomerate.
General Electric was born in Schenectady in 1892 and then grew to include businesses focused on everything from locomotives and light bulbs to oil and gas.
More recently, amid major financial woes, GE has struggled to narrow down to three main lines of business: healthcare, aviation and energy. Dozens of facilities have closed or sold, and tens of thousands of employees have been cut from payroll along the way.
In the capital region, General Electric has a turbine and a generator at the foot of Boulevard Érie on the Schenectady / Rotterdam border; the headquarters of its research branch in Niskayuna; and a relatively small production facility for medical imaging equipment in North Greenbush.
The Schenectady campus also has a large contingent of GE wind employees.
Many other facilities a few dozen kilometers from Schenectady, where thousands of people once worked on other products, have all been sold or closed over the decades.
The split would create three companies: Aviation, Healthcare and a combination of Power, Renewable Energy and Digital.
GE Power, formerly based in Schenectady, would be split in early 2024.
GE Healthcare would be split in early 2023.
GE Aviation, the least electric of the three – and before COVID the most profitable company of the company – would keep the name of “General Electric”.