Multinational conglomerate General Electric (GE) is approaching its 2023 deadline for splitting into three separate companies. Ahead of that deadline, GE unveiled the names of all three entities: GE HealthCare, GE Vernova, and GE Aerospace.
“Today marks a key milestone in GE’s plan to become three independent, laser-focused companies, said CEO Larry Culp in a statement. “Leveraging GE’s multibillion-dollar global brand gives us a competitive advantage in our end markets, allowing these businesses to win in the future.”
GE HealthCare will take over the company’s healthcare business and launch in early 2023. It will be listed on NASDAQ, due to its reputation as a “market for innovative, technology-led public companies” and will have the GEHC ticker symbol.
GE Vernova is set to encompass GE’s energy business with a focus on sustainable and affordable energy.
The official launch of this entity will take place at some point in 2024.
After the launch of GE HealthCare and GE Vernova, the existing GE company will keep the aviation part of the business, which includes a fleet of 39,400 commercial and 26,200 military aircraft, and will rebrand itself as GE Aerospace.
The General Electric stock surged almost four percent after the news was published, closing at $66.74 per share on Tuesday. The GE shares are still 30% down year to date.