General Electric Co (NYSE: GE) on Monday unveiled the names of the three distinct companies that will be created from the conglomerate’s planned historic split: GE HealthCare, GE Vernova and GE Aerospace
General Electric Co (NYSE: GE) on Monday unveiled the names of the three distinct companies that will be created from the conglomerate’s planned historic split: GE HealthCare, GE Vernova and GE Aerospace.
GE HealthCare will cover the company’s health-services branch and will be listed on the Nasdaq under the symbol “GEHC,” the company said in a release. The spinoff is expected to be completed early next year.
The company’s renewable energy businesses will fall under the name GE Vernova — a title General Electric said is “a combination of ‘ver,’ derived from ‘verde’ and ‘verdant’ to signal the greens and blues of the Earth, and nova,′ from the Latin ‘novus,’ or ‘new,’ reflecting a new and innovative era of lower carbon energy that GE Vernova will help deliver.”
GE said it maintains an installed base of 7,000 gas turbines and 400 gigawatts of renewable energy equipment and expects the spinoff to be completed in early 2024.
“Today marks a key milestone in GE’s plan to become three independent, laser-focused companies,” Chair and CEO Larry Culp said in a statement.
“Leveraging GE’s multibillion-dollar global brand gives us a competitive advantage in our end markets, allowing these businesses to win in the future.”
The giant’s aviation branch, which includes a fleet of 39,400 commercial and 26,200 military aircraft, will be named GE Aerospace.
Following the planned spinoffs of GE HealthCare and GE Vernova, the company will be aviation-focused, and the offshoot will also own the GE trademark, which it can license out to the other divisions.
The split marks the end of the 130-year-old conglomerate that was once the most valuable US corporation and a global symbol of American business power.
“The choice to use Aerospace as our go-forward name is in some respects to make sure everyone understands we are more than what we do in commercial,” Culp told reporters.
“It is a wider strategic aperture, but it would be premature to talk about this or that area being of particular interest,” he added, though he did draw attention to defence and systems.