General Electric (GE) will be splitting into three different companies focused on aviation, power and health care, the company announced Tuesday.

In a statement, GE said it would spin-off GE Healthcare into a business in early 2023. The company also plans to combine its renewable energy, power and digital business into a single entity, which the company plans to spin off in 2024.

After those two companies are split, the initial GE will be a business focused on aviation.

GE chairman and CEO H. Lawrence Culp said Tuesday was a “defining moment for GE, and we are ready.”

“We have a responsibility to move with speed to shape the future of flight, deliver precision health, and lead the energy transition,” Culp said. “The momentum we have built puts us in a position of strength to take this exciting next step in GE’s transformation and realize the full potential of each of our businesses.” 

Culp will serve as nonexecutive chairman of the health care company, and Peter Arduini will serve as CEO of that business starting Jan. 1, 2022. Scott Strazik will be the CEO of the combined renewable energy, power and digital business, and John Slattery will continue to serve as CEO of the aviation business.

GE was founded by Thomas Edison in the late 1800s, CNBC noted, and over time has become a leader in appliances, jet engines and wind turbines.

Stocks in GE surged by 17 percent in pre-market trading on the news, CNN reported. Before the announcement, the stock was up over 25 percent this year.

The company said it expects to take on operational costs of $2 billion for the transaction, which still has to be approved by the company’s board of directors.