General Electric will split into three public companies

General Electric announced Tuesday that it is splitting its large industrial company into three different publicly traded entities. 

According to the Washington Examiner, the organization founded in 1892 by Thomas Edison will be split into three companies focusing on energy, health care, and aviation. 

The separation will happen over a course of two years, in a phased approach in hopes of being "better positioned to deliver long-term growth" to GE's investors. 

Today is a defining moment for GE, and we are ready," said CEO Larry Culp in a statement. "Our teams have done exceptional work strengthening our financial position and operating performance."

The company has already selected the new leaders of the separate operations. In 2022, Culp will become the CEO of Aviation, while Peter Arduini will be phased in as the CEO of healthcare in 2023, and Scott Strazik will serve as the CEO of energy in 2024.

Financial experts say the company's decision comes as investors have seen lackluster performance in the stock market since the 2008 financial crisis.

The 129-year-old company at one point reportedly was the most valuable company in the world, with an estimated worth of $601 billion in 2000. However, the company's stocks plummeted during the aftermath of the 2008 financial crisis, with stock prices dropping by 42% in one year.

Following the company's announcement, its stock trade increased by nearly 7%.