Multinational corporate giant General Electric announced on Tuesday that it will no longer be a conglomerate, splitting into three public companies. 

Founded by Thomas Edison, the conglomerate has endured 129 years of being a valuable asset to American business power. 

General Electric will split into separate businesses focused on healthcare, energy, and aviation. GE's healthcare business will be launched in early 2023, whereas its renewable energy, fossil-fuel power, and digital units will be launched a year after. The final company will be named GE Aviation, keeping the original name. 

“What we’re doing today is creating three outstanding investment-grade, global leaders in healthcare, aviation, and energy,” Chief Executive Officer, Larry Culp, said in an interview. “GE has led in these markets for a long time and today we’re setting ourselves up for another century of leadership.”

"The name GE will live on with the aviation company after the move is complete, and Culp will continue to lead that unit," GE said.

The new renewable energy business will be headed by Scott Strazik, and the healthcare business will be headed by Peter Arduini, according to a company statement. On the other hand, GE Aviation will be led by the CEO Larry Culp. 

This split resulted in an increase of shares in premarket trading, jumping 8.2%. The shares were already at a 55% increase over the last 12 months.