People visit the General Electric stand during the China International Import Expo (CIIE) at the National Exhibition and Convention Center on November 7, 2018 in Shanghai, China.
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General Electric on Monday revealed the names of the three distinct companies that will result from the conglomerate’s historic split: GE HealthCare, GE Aerospace and GE Vernova.
GE HealthCare will encompass the company’s health services branch and will be listed on the Nasdaq under the symbol “GEHC,” the company said in a release. That spin-off is expected to be completed early next year.
GE Aerospace will encompass the company’s aviation branch, which includes a fleet of 39,400 commercial and 26,200 military aircraft. The aerospace offshoot will also own the GE trademark, which it can license out to the other divisions.
The company’s renewable energy businesses will fall under the name GE Vernova — a title the company 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 maintains an installed base of 7,000 gas turbines and 400 gigawatts of renewable energy equipment. The spin-off of that business is expected to be completed in early 2024.
“Today marks a key milestone in GE’s plan to become three independent, laser-focused companies,” Chairman and CEO Larry Culp said in a statement. “Leveraging GE’s multi-billion-dollar global brand gives us a competitive advantage in our end markets, allowing these businesses to win in the future.”
Shares of GE were up about 2% in morning trading Monday amid broader market gains. The stock is down roughly 30% so far in 2022.
