GE introduces new brand names for the business before the historic separation
The corporation will implement a tax-free spinoff of its healthcare sector to become GE HealthCare at the beginning of 2023. GE Healthcare will list on the Nasdaq after the split under the stock symbol “GEHC.” With more than four million product installations and more than two billion patient examinations annually, GE HealthCare will “continue to remain at the forefront of provider and patient care,” the business claims.
GE Renewable Energy, GE Power, GE Digital, and GE Energy Financial Services will all be split out as separate companies in early 2024 under the name GE Versova.
The new name “reflects a new and inventive age of lower carbon energy that GE Vernova will help deliver. It is a mix of “ver,” derived from “Verde” and “verdant” to express the greens and blues of the Earth, and “nova,” from the Latin “Novus,” or “new,” according to GE.
More than 7,000 gas turbines and 400 gigawatts of renewable energy equipment will be part of GE Vernova’s installed base.
After the spinoffs, GE will transform into GE Aerospace, an aviation-focused business that will own the GE trademark and grant long-term licensing to the other businesses. The aviation division of GE produces 26,200 military and 39,400 commercial aircraft engines.
According to chair and CEO Larry Culp, “leveraging GE’s multi-billion dollar worldwide brand offers us a competitive edge in our end markets, allowing our businesses to succeed in the future.” “Built on a foundation of lean and innovation, these brands will continue our objective of creating a world that works and serve as a vital reminder to our consumers of the qualities they value in GE,” said the company.
The separation was initially disclosed by GE in November 2021. The business stated at the time that it anticipated one-time separation, transition, and operational costs associated with the split to total around $2 billion.
The price of GE shares has decreased more than 33% year to date as of the time of publishing.
