The company's stock jumped

General Electric announced that it will be divided into 3 specialized companies in the health, aerospace and energy sectors and share prices will rise after trading.

"We follow tax-free GE Healthcare, creating clean business, core precision healthcare. We integrate renewable energy, we provide energy as well as we provide digital one, the company is a leader in energy transformation. GE plans to close the health division in early 2023 as well as the renewable energy division in early 2024. After the deals will be allowed to focus on the aerospace sector and shape the future of aviation," he said.

It is worth noting that Culp will serve as non-executive chairman of GE.

"Today is a very important day and we are ready for it. Our team is working hard to strengthen our financial position and operational readiness, while continuing to develop and deepen our manufacturing culture. In addition, this is not the end. We remain focused on reducing debt, improving EBITDA and strategically increasing capital to achieve sustainability and profitability," the company said in a press release.

With the government's approval, the company estimates it will spend about $2 billion on temporary furloughs, restructuring and operating costs.

In addition, Boston-based GE said it will pay down more than $75 billion of debt by the end of the year.

The aggressive move is part of CEO Larry Culp's ongoing transformation and downsizing of the industrial giant, which took off under former CEO Jeff Immelt, who looks to the legendary Jack Welch.

Shares jumped on this news, adding to a 25 percent gain already this year.