Johnson & Johnson is splitting into two companies, separating the division that sells Band-Aids and Listerine, from its medical device and prescription drug business.

The company selling prescription drugs and medical devices will keep Johnson & Johnson as its name, the company said Friday. The new consumer health company will house brands including Neutrogena, Aveeno, Tylenol, Listerine, Johnson's, and Band-Aid. A name was not disclosed for the new company.

Details are sparse, but the company expect the split to occur in the next two years.

"We believe that the new Johnson & Johnson and the new consumer health company would each be able to more effectively allocate resources to deliver for patients and consumers, drive growth and unlock significant value," J&J CEO Alex Gorsky said in a statement. 

Gorsky will hand over the reins as chief executive to Joaquin Duato, currently vice chairman of the company's executive committee, on January 3, 2022, J&J said. The split is expected to be completed by fall of 2023.

The company was formed by brothers Robert Wood Johnson, Edward Mead Johnson and James Wood Johnson in 1886 as a maker of surgical supplies. 

The announcement comes just days after General Electric said that it plans to split into three separate companies.

Shares of Johnson & Johnson rose 3% before the market opened.