General Electric (NYSE:GE) intends to complete its tax-free spin-off of its energy business GE Vernova in the second quarter of 2024, subject to final approval by the company’s board and satisfying customary conditions.
GE Vernova’s shares will be listed on the New York Stock Exchange (NYSE) under the ticker symbol 'GEV' and GE Aerospace will continue under GE’s current NYSE listing with the ticker symbol 'GE.'
This spin-off will complete the company’s three-way split, having already split off its healthcare arm into GE HealthCare Technologies on January 3, 2023.
“It’s been nearly two years since we announced our plan to create three independent, investment-grade, industry leaders,” commented GE CEO H. Lawrence Culp Jr. in a statement.
“We’re now closing in on our final step—spinning off GE Vernova and launching GE Aerospace, following the successful spin-off of GE HealthCare earlier this year. Our teams are building momentum, and we’re excited to be with so many of our valued customers and industry peers on the New York Stock Exchange in the beginning of the second quarter of 2024.”
GE Vernova CEO Scott Strazik added: “Today’s milestone demonstrates the progress our team is making toward spinning off GE Vernova as an independent company driving both electrification and decarbonization.”
The company on Tuesday also raised its 2023 profit and cash flow outlook and reported strong third-quarter revenue growth, sending GE’s shares 4.9% higher to about $112 shortly after the opening bell in New York.
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