People visit the booth of General Electric during the China International Import Expo (CIIE) at the National Exhibition and Convention Center on November 7, 2018 in Shanghai, China.
VKG | Getty Images
GE HealthCare will cover the company’s healthcare division and will be listed on the Nasdaq under the symbol “GEHC”. the company said in a statement. The spin-off is expected to be completed early next year.
GE Aerospace will cover the company’s aviation industry, which includes a fleet of 39,400 commercial and 26,200 military aircraft. The aerospace arm will also own the GE trademark, which it may license to other divisions.
The company’s renewable energy business will be called GE Vernova, a name the company says is “a combination of ‘ver’, derived from ‘verde’ and ‘verdant’, to signal the greenness and blueness of the Earth, and” nova”. from the Latin “novus” or “new”, reflecting the new and innovative era of low-carbon energy that GE Vernova will help realize.”
GE maintains an installed base of 7,000 gas turbines and 400 gigawatts of renewable energy equipment. The spin-off of this business is expected to be completed in early 2024.
“Today marks a key milestone in GE’s plan to become three independent laser companies,” Chairman and CEO Larry Culp said in a statement. “Using GE’s multi-billion dollar global brand gives us a competitive edge in our end markets, enabling these businesses to win in the future.”
GE shares rose about 2% in Monday morning trading on broader market gains. Shares are down about 30% since the start of the year.