On Tuesday, General Electric finally completed the spin off of it’s aviation and energy unit of the firm. The energy-focused division will now be different from the energy division with the entities becoming GE Vernova and GE Aerospace.
Last year GE Healthcare Technologies was also spun off and now runs under the ticker “GEHC”.
From Tuesday morning, GE Vernova started trading under the ticker “GEV” on the New York Stock Exchange and GE Aerospace will continue under the longstanding “GE” ticker.
On Tuesday, GE Vernova was also moved to the S&P index and will replace Dentsply, which will be moved to the S&P midcap 400.
“Today, GE Vernova becomes an independent company singularly focused on accelerating the energy transition to create a more sustainable future.” – Scott Strazik, CEO of GE Vernova.
The company said that the spinoff took place through the distribution of all the shares of the common stock of GE Vernova. Each holder of GE common stock received one share of GE Vernova Inc. for every four shares of GE common stock held on 19th March 2024.
“GE Vernova serves a vital $265 billion industry segment estimated to grow to $435 billion by 2030. Increased electrification and decarbonization needs offer major opportunities, with generation capacity projected to more than double by 2040,” said the company in the press statement.
GE Vernova has a base of approximately 7,000 gas turbines, the world’s largest 55,000 wind turbines and cutting-edge technology. it helps produce approx 30% of the world’s electricity. it operates in 100 countries around the world with more than 80,000 employees. In March, the company predicted single-digit organic profit and a 10% EBITDA margin.
