GE will keep its brand in spin-off moves
GE announced the names of the three companies it will split into, keeping the GE brand as part of each entity.
GE HealthCare will be the name of the company’s healthcare business, while its energy portfolio will go under the moniker GE Vernova, and its aviation business will be dubbed GE Aerospace. The names come after GE planned to split into three distinct, public companies focused on healthcare, aviation and energy. The company originally announced its plan to split off its business division in late 2021.
[General Electric announces plans to split into 3 separate companies]
Additionally, GE HealthCare, which manufactures and distributes diagnostic imaging agents and radiopharmaceuticals for medical imaging, will be listed on the Nasdaq under the ticker symbol “GEHC.” The Nasdaq is a tech-heavy index, which GE believes will benefit the new GE Healthcare.
“Today marks a key milestone in GE’s plan to become three independent, laser-focused companies,” H. Lawrence Culp, Jr., chairman and CEO, GE, and CEO of GE Aerospace, 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. Built on a foundation of lean and innovation, these brands will continue our mission of building a world that works and provide our customers with an important reminder of the strengths they value in GE.”
GE plans to execute the GE HealthCare spinoff in early 2023, “creating an independent company driving innovation in precision health to improve patient outcomes and address critical patient and clinical challenges,” GE stated in a press release.
GE will execute the spin off of GE Vernova in early 2024, followed by GE Aerospace.
“Over the course of the last six months, we engaged in a thorough, customer-led process to understand the intrinsic value of the GE brand for our planned future companies,” GE Chief Marketing Officer Linda Boff said in a statement. “Based on data and analysis drawn from thousands of conversations, it became clear that the GE name and our century-plus old Monogram represent a legacy of innovation, symbol of trust by global customers, pride for our team, and a talent magnet for future leaders.”
Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."