Once-mighty US industrial giant General Electric is now called GE Aerospace.
The company on 2 April completed its final planned divestiture, spinning off its energy business Vernova to become a standalone aviation company named GE Aerospace.
The milestone marks completion of a transition several years in the making that also involved GE spinning off its healthcare business in January 2023.
GE Aerospace chief executive Larry Culp, who was formerly also head of GE, said on 2 April that the changes leave the aerospace business on firmer footing. The company’s top goals include ramping production of the Leap turbofans it makes for Airbus and Boeing narrowbody jets under the CFM International business it jointly owns with Safran Aircraft Engines.
“Today marks the historic final step in the multi-year transformation of GE,” Culp says. “GE Aerospace moves forward with a stronger balance sheet and greater focus to invent the future of flight…I am confident we will realise our full potential in service of our customers, employees and shareholders.”
He has also previously said that after the spin offs GE Aerospace will seek to expand, possibly into aerospace markets outside its core aircraft-engine business.
GE completed the spin off of GE Vernova at 00:10 US Eastern time on 2 April, leaving GE Aerospace as the primary surviving entity of the once mighty conglomerate. GE Aerospace’s shares will trade on the New York stock exchange under the ‘GE’ symbol, while shares of the newly-divested energy business Vernova will trade under the symbol ‘GEV’.
As part of the spin off, GE Aerospace says it secured $3 billion in new revolving credit under a five-year agreement.
