GE has unveiled the brand names and logos of the future public companies that will be formed across healthcare, energy and aviation sectors after the historic split of the 130-year-old American conglomerate.
The planned separation will lead to the creation of three industry-leading, global, investment-grade public companies focused on the growth sectors of healthcare, energy, and aviation, GE says in a statement on Monday.
Post split, GE will name the healthcare business GE HealthCare. The conglomerate’s existing portfolio of energy business, including capacities in renewable energy, power, digital, and energy financial services segments, will be brought under the ambit of brand GE Vernova.
With the completion of the tax-free spin-off of GE HealthCare in early 2023, and that of GE Vernova in early 2024, GE will be an aviation-focused company called GE Aerospace. Following the separations, GE Aerospace will own the GE Monogram, new name and new “atmospheric blue” brand colour will be owned by GE Aerospace, which will provide long-term licences to other companies.
“All three planned companies will continue to benefit from GE’s heritage and global brand valued at nearly $20 billion,” GE says.
Creating three separate companies will help each of them to benefit from greater focus, tailored capital allocation and strategic flexibility to drive long-term growth and value.
“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,” says H. Lawrence Culp, Jr., Chairman and CEO, GE, and CEO, GE Aerospace.
Additionally, following the completion of the planned spin-off, shares of GE HealthCare will be listed on The Nasdaq Global Select Market under the ticker symbol “GEHC”, GE announces. “By listing on Nasdaq, GE HealthCare will benefit from the exchange’s profile and track record as a market for innovative, technology-led public companies, particularly in the healthcare sector.”
GE HealthCare will build on the 100-year-long history in the healthcare sector, and “continue to be at the forefront of provider and patient care with more than four million product installations and over two billion patient exams a year.”
GE Vernova, the planned energy company after the split, will command the installed base of more than 7,000 gas turbines and 400GW of renewable energy equipment.
As GE turns into an aviation-focussed company under GE Aerospace, it will have an installed base of 39,400 commercial and 26,200 military aircraft engines to its name. The company will continue to play a vital role in supporting the industry through a historic recovery while shaping the future of flight, GE states.
“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. 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. We’re proud these future businesses will be able to build on GE’s DNA of innovation,” says Linda Boff, Chief Marketing Officer at GE.