General Electric will split into three public companies, the industrial giant announced Tuesday. The companies will each have a specific focus: Aviation, health care and energy.

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The health care unit is expected by early 2023 and GE plans to retain a 19.9% stake in it. The energy unit is expected by 2024.

Following the transactions, per a release, GE will be an aviation-focused company. 

GE Chairman and CEO H. Lawrence Culp, Jr. released a joint statement Tuesday, saying, “At GE we have always taken immense pride in our purpose of building a world that works. The world demands—and deserves—we bring our best to solve the biggest challenges in flight, healthcare, and energy. By creating three industry-leading, global public companies, each can benefit from greater focus, tailored capital allocation, and strategic flexibility to drive long-term growth and value for customers, investors, and employees. We are putting our technology expertise, leadership, and global reach to work to better serve our customers.”

Cupl went on to call the decision “a defining moment for GE” and one for which the company is ready. 

“Our teams have done exceptional work strengthening our financial position and operating performance, all while deepening our culture of continuous improvement and lean,” he added. “And we’re not finished—we remain focused on continuing to reduce debt, improve our operational performance, and strategically deploy capital to drive sustainable, profitable growth. We have a responsibility to move with speed to shape the future of flight, deliver precision health, and lead the energy transition. 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.”

The announcement came after years of underperformance from GE’s stocks.