General Electric announced on Tuesday that it would split into three public businesses, as the famous U.S. industrial behemoth aims to reorganize its business, reduce debt, and resurrect a share price that has been pummelling for several years.

The split brings to an end the 129-year-old conglomerate that was once the most valuable organization in the United States and a global symbol of American commercial might.

In premarket trade, GE shares rose 8.2% as a result of the bold move.

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Since the 2008 financial crisis, GE has faced skepticism about its capacity to turn a corner while grappling with mounting debt. Following years of declining valuation, the company was also delisted from the Dow Jones Industrial Average in 2018.

The three divisions, according to the Boston-based business, will focus on energy, healthcare, and aviation. It will merge GE Renewable Energy, GE Power, and GE Digital before spinning off the company in early 2024.

In early 2023, GE will also spin off the healthcare company, in which it aims to retain a 19.9 % interest.

Following the separation, it will become an aviation corporation led by Chief Executive Officer Lawrence Culp.

"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," Culp said in a statement.

According to a company release, Scott Strazik will oversee the combined Renewable Energy, Power, and Digital division, and Peter Arduini will lead GE Healthcare.