General Electric’s scheduled spinoff of its GE Vernova power generation business on April 2 also paves the way for GE Aerospace to become a fully independent company, completing industrial giant's transformation into three standalone and investment-grade organizations.
To effect the separation, GE’s board of directors approved a distribution to GE shareholders of all shares of GE Vernova’s common stock. Holders of GE common stock will receive one share of GE Vernova common stock for every four shares of GE common stock held on March 19, the record date for the distribution.
GE filed a Form 10 registration statement with the Securities and Exchange Commission on February 15 detailing the spinoff plan.
“Today’s filing underscores GE Vernova’s important progress toward its spinoff as an independent, global leader driving electrification and decarbonization,” said GE chief executive Larry Culp. “Our financial position is strong to support forming GE Vernova and GE Aerospace as well-capitalized, investment-grade companies, and we’re excited to launch them to the world in early April."