The daily business briefing: November 10, 2021

GE is splitting into three companies, Rivian IPO pricing values it at $70 billion, and more

A General Electric employee
A General Electric employee
(Image credit: PATRICK HERTZOG/AFP via Getty Images)

1. GE to split into 3 companies

General Electric said Tuesday it would split into three companies. The plan to break up the more than century-old American manufacturing icon was part of an effort to stabilize the troubled company that was unveiled three years ago. GE already has sold off its locomotive and home appliances business, and most of its once-huge financial services arm, which dragged down the company after the 2008 financial crisis. It also has spun off its oil-and-gas business operations. The remaining three businesses — aviation, healthcare, and power — will be transformed into three publicly traded companies. "This is the best way to fully realize the potential of these businesses," CEO Larry Culp said. GE shares gained 2 percent Tuesday afternoon following the announcement.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.