GE’s $5 Billion in Federal Contracts to Be Split in Spin-offs

The split of General Electric Co. into three companies between 2023 and 2024 will separate health care from aviation, and those business lines’ government contracting revenue.

Total GE federal contract-based revenue jumped 42% from fiscal 2019 to fiscal 2020, reaching an all-time-high for the company of $5 billion. That spike was fueled by a combination of aviation-based spending at the departments of Defense and Homeland Security and purchases by the federal government of equipment related to the Covid-19 response.

GE was the 18th largest federal contractor in fiscal 2020 and was the 11th largest defense contractor.

Bloomberg Government forecasts GE’s ...