General Electric Company announced that its board of directors has approved the previously announced spin-off of GE Vernova, which is expected to begin trading on the New York Stock Exchange on April 2 under the ticker symbol “GEV.”
The launches of GE Vernova and GE Aerospace will complete the company’s “transformation into three independent, investment-grade industry leaders,” said GE Chairman and Chief Executive Officer and GE Aerospace CEO H. Lawrence Culp, Jr. “Beginning April 2, both companies will be fully independent, with GE Vernova positioned to lead the energy transition guided by Scott Strazik and his team, and GE Aerospace set up to define flight for today, tomorrow, and the future.”
To effect the separation, GE’s board approved a distribution to GE shareholders of all shares of GE Vernova’s common stock. Holders of GE common stock will be entitled to receive one share of GE Vernova common stock for every four shares of GE common stock held on March 19, 2024. The distribution is expected to occur before U.S. market open on April 2.
After completion of the planned spin-off, GE will operate as GE Aerospace. GE shareholders will continue to hold their shares of GE common stock with the company name GE Aerospace, and GE Aerospace will continue GE’s listing on the NYSE under the ticker symbol “GE.”
GE Vernova is a planned, purpose-built global energy company that includes Power (including hydro), Wind and Electrification businesses and is supported by its accelerator businesses of Advanced Research, Consulting Services and Financial Services. Building on over 130 years of experience tackling the world’s challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while working to decarbonize it. GE Vernova is headquartered in Cambridge, Mass., U.S., with more than 80,000 employees across 100+ countries.
The GE Vernova name and approach was announced in 2022, when GE said its healthcare business to be named GE HealthCare, its portfolio of energy businesses would come together as GE Vernova, and its aviation business would be named GE Aerospace.
