General Electric on Monday revealed the names of the three companies that will operate on their own after the historic split of the former conglomerate, including a hodgepodge of words that will make up the name of the new energy company.
In November, GE announced that it was planning split into three companies specializing in aviation, healthcare and energy.
The name of the aviation business, which will essentially remain the core of GE led by CEO Larry Culp, will be GE Aerospace.
The energy wing, which includes GE Renewable Energy, GE Power, GE Digital and GE Energy Financial Services, will be called GE Vernova.
“The new name is a combination of the words ‘ver’, derived from ‘verde’ and ‘verdant’, referring to the green and blue color of the Earth, and ‘nova’ from the Latin ‘novus’ or ‘new’, reflecting a new and innovative era of low-carbon energy, which GE Vernova will help provide,” the company said on Monday.
The medical business will be called GE Healthcare.
The split is the climax years of separation a huge American conglomerate that signaled the abandonment of the corporate structure that had dominated US business for decades.
The company has already shed the products it is known to most Americans for, including home appliances and, in 2020, the light bulbs that GE has been making since the late 19th century when the company was founded.
The breakup marks the climax of these efforts, dividing the empire built in the 1980s under Jack Welch, one of America’s first “superstar” CEOs.
The company said Monday that GE HealthCare shares will be listed on the Nasdaq under the ticker “GEHC”. GE is planning a tax-free spin-off of the business early next year.
GE Vernova is expected to be spun off in early 2024. Once the spin-off is completed, GE will become an aviation-focused company that will own the GE trademark and grant long-term licenses to other companies.