GE once did almost everything for the typical American family – from providing much of the television they watched, to the light bulbs and appliances they depended upon, the electricity needed to power those household staples, even the subprime mortgage that allowed many of them to buy their homes. No longer. With Tuesday’s split into two companies, the break up of the once mighty industrial icon is complete.
GE had already gotten rid of the 49% of NBC it still owned by selling it to co-owner Comcast in 2013, and sold off its appliance business to China-based Haier in 2016. But the pace of divestitures picked up under Culp. In 2020, it sold its iconic light bulb unit, which had been one of the foundations of the company’s 19th century birth. Other units such as its aircraft leasing business were sold to competitors, a move that closed the books on its once-powerful finance unit, GE Capital.