GE already has a significant presence in all the three key growth sectors: healthcare, energy, and aviation in India
GE already has a significant presence in all the three key growth sectors: healthcare, energy, and aviation in India
GE on July 18 announced the brand names of the future companies it would create through its planned separation into three industry-leading, global, investment-grade public companies focused on growth sectors of healthcare, energy, and aviation, the company said in a statement.
GE already has a significant presence in all these three key growth sectors: healthcare, energy, and aviation in India. Overall, GE operates 10 major businesses in the country and has 19,000 employees across 14 factories and R&D facilities in multiple locations in the country.
As per the new branding, GE’s healthcare business would be named GE HealthCare. Its existing energy portfolio of businesses, including Renewable Energy, Power, Digital, and Energy Financial Services, would be combined under the brand name GE Vernova. GE’s aviation business would be called GE Aerospace.
GE would execute the tax-free spin-off of GE HealthCare in early 2023, creating an independent company driving innovation in precision health to improve patient outcomes and address critical patient and clinical challenges, it said.
The engineering major further said, following the completion of the planned spin-off, shares of GE HealthCare would be listed on the Nasdaq Global Select Market under the ticker symbol ‘GEHC.’
In early 2024, GE will execute the tax-free spin-off of GE Vernova, GE’s portfolio of energy businesses, with an installed base of more than 7,000 gas turbines and 400 GW of renewable energy equipment.
GE Vernova would also be listed on Nasdaq while GE’s existing listing on Nasdaq would become GE Aerospace, a firm with an installed base of 39,400 commercial and 26,200 military aircraft engines, the company said.
H. Lawrence Culp Jr., Chairman and CEO, GE, and CEO, GE Aerospace said, “Today marks a key milestone in GE’s plan to become three independent, laser-focused companies. 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.’‘
All three planned companies would continue to benefit from GE’s heritage and global brand valued at nearly $20 billion, said the release.
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