GE plans to separate GE Healthcare into a standalone company, pursue an orderly separation from BHGE over the next 2 to 3 years, make its corporate structure leaner, and substantially reduce debt. GE will focus its efforts more squarely aviation, power, and renewable energy. GE’s Board of Directors unanimously approved the plans announced Tuesday.

Kieran Murphy, president and CEO of GE Healthcare, will continue to lead GE Healthcare, which will be maintaining the GE brand.

“GE Healthcare’s vision is to drive more individualized, precise and effective patient outcomes,” Murphy says. “As an independent global healthcare business, we will have greater flexibility to pursue future growth opportunities, react quickly to changes in the industry and invest in innovation,” he adds. “We will build on strong customer demand for integrated precision health solutions and great technology with digital and analytics capabilities as we enter our next chapter.”

GE Healthcare recorded over $19 billion in revenues in 2017 and posted 5% revenue growth 9% percent segment profit growth in the same year. The business provides medical imaging (including contrast agents), monitoring, biomanufacturing and cell therapy technology, leveraging deep digital, artificial intelligence and data analytics capabilities. Its products and services are used by customers in 140 countries around the world.

GE expects to generate cash from the disposition of approximately 20% of its interest in GE Healthcare and intends to distribute the remaining 80% to GE shareholders through a tax-free distribution. The structure, sequence, and timing of these transactions will be determined and announced at a later date but are expected to be completed over the next 12 to 18 months. GE Healthcare will conduct business as usual throughout this process, continuing to serve its partners and customers.

For more information, visit GE Healthcare.