All Three Companies will Continue to Benefit from GE Heritage
- Healthcare business to be named GE HealthCare
- GE’s portfolio of energy businesses, including GE Renewable Energy, GE Power, GE Digital, and GE Energy Financial Services, to come together as GE Vernova
- Aviation business to be named GE Aerospace
BOSTON – July 18, 2022 – GE (NYSE:GE) today announced the brand names of the future companies it will create through its planned separation into three industry-leading, global, investment-grade public companies focused on the growth sectors of healthcare, energy, and aviation.
GE HealthCare will be the name of GE’s healthcare business. GE’s existing energy portfolio of businesses, including Renewable Energy, Power, Digital, and Energy Financial Services, will sit together under the brand name GE Vernova. GE Aerospace will be the name of GE’s aviation business. All three planned companies will continue to benefit from GE’s heritage and global brand valued at nearly $20 billion*.
Additionally, GE announced today that 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.” 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.
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. 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 intends to 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. Building on a more than 100-year history, the GE HealthCare name and Monogram will serve as an enduring badge of safety, quality, trust, and innovation. The new brand color for GE HealthCare is called “compassion purple” to reflect more humanity and warmth and achieve greater distinction. The company will 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.
In early 2024, GE plans to execute the tax-free spin-off of GE Vernova, GE’s portfolio of energy businesses, which together with its customers provides one-third of the world’s electricity and is focused on accelerating the path to reliable, affordable, and sustainable energy. The new name is a combination of “ver,” derived from “verde” and “verdant” to signal the greens and blues of the Earth, and “nova,” from the Latin “novus,” or “new,” reflecting a new and innovative era of lower carbon energy that GE Vernova will help deliver. These attributes also are reflected in GE Vernova’s new “evergreen” brand color. With an installed base of more than 7,000 gas turbines and 400 GW of renewable energy equipment, GE Vernova’s Monogram will serve as a reminder of the company’s lasting commitments to deliver quality, partnership, and ingenuity to its customers.
Following these planned spin-offs, GE will be an aviation-focused company called GE Aerospace. With an installed base of 39,400 commercial and 26,200 military aircraft engines, the company will continue to play a vital role in supporting the industry through a historic recovery while shaping the future of flight. The GE Monogram, new name, and new “atmosphere blue” brand color—representing the upper limits of the atmosphere—maintain the brand’s strong standing in the aviation sector, while setting forth a confident vision to compete and advance in the field of aerospace and defense for future generations. Following the planned separations, GE Aerospace would own the GE trademark and would provide long-term licenses to the other companies.
GE Chief Marketing Officer Linda Boff said, “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.”
By creating three separate companies, each will benefit from greater focus, tailored capital allocation, and strategic flexibility to drive long-term growth and value.**
Click here to watch Culp and Boff discuss the new brands.
*According to Interbrand Best Global Brands 2021.
**These plans may be subject to the outcome of legally mandated consultation in some parts of the world.
Caution Concerning Forward-Looking Statements
This document contains forward-looking statements related to future events that by their nature address matters that are, to different degrees, uncertain. For details on the uncertainties that may cause our actual future results to be materially different than those expressed in our forward-looking statements, see https://www.ge.com/investor-relations/important-forward-looking-statement-information, as well as our SEC filings. We do not undertake to update our forward-looking statements.
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