The board of directors of General Electric (NYSE: GE) has cleared the planned spinoff of its portfolio of energy businesses, which will operate under the name GE Vernova, and expects the new independent entity to kick off trading on the New York Stock Exchange on April 2 using the ticker symbol “GEV.”
In July 2022, GE introduced the brand names and logos of the public companies it planned to create as the Boston-based industrial conglomerate splits into three independent businesses focused on aviation, health care and energy sectors.
The aviation-focused business will also launch on April 2 as GE Aerospace to be led by GE Chairman and CEO Lawrence Culp, the conglomerate said Thursday.
“Today’s announcement clears the way for the historic launches of GE Vernova and GE Aerospace, completing our transformation into three independent, investment-grade industry leaders,” said Culp, who will serve as chief executive of GE Aerospace.
“Beginning April 2, both companies will be fully independent, with GE Vernova positioned to lead the energy transition guided by Scott Strazik and his team, and GE Aerospace set up to define flight for today, tomorrow, and the future,” he added.
Shareholders of record as of March 19 will get one share of GE Vernova for every four shares of GE common stock owned. The distribution will be performed in a tax-efficient manner for GE shareholders in the U.S.
After GE Vernova’s planned spinoff, GE shareholders will continue to hold their shares as GE Aerospace shares. GE Aerospace will continue GE’s NYSE listing under the ticker symbol “GE.”
