Shares of GE HealthCare Technologies reversed course to trade up 4.4 per cent on their market debut on Wednesday after the medical equipment maker completed its separation from industrial conglomerate General Electric.
GE said in 2021 it would split into three public companies to simplify its business, pare down debt and breathe life into battered shares. However, the conglomerate’s stock fell 11.3 per cent last year as it struggled with parts and labour shortages. The group’s shares were up 2 per cent on Wednesday.
But the healthcare unit, in which GE will hold a 19.9 per cent stake after the spin-off, has been a bright spot in recent quarters, as strong demand for its medical equipment and services allowed it to raise prices.
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