GE Aerospace became an independent company on Tuesday following the official spinoff of energy division GE Vernova. GE Aerospace will trade on the New York Stock Exchange under the ticker “GE.” The now standalone companies rang the opening bell together at the NYSE on Tuesday morning to mark the occasion.
“With the successful launch of three independent, public companies now complete, today marks a historic final step in the multi-year transformation of GE,” said GE chairman and CEO Lawrence Culp Jr. “I am tremendously proud of our team, their resilience, and their dedication to achieving this defining moment.”
With an installed base of approximately 44,000 commercial engines and some 26,000 military and defense engines, GE Aerospace stands as an established global leader in propulsion, services, and systems, said the company. GE generated adjusted revenue last year of some $32 billion, 70 percent of which came from services and strong economics in the engine aftermarket.
The launch of GE Aerospace represents the completion of GE’s multi-year financial and operational transformation. GE has reduced its debt by $100 billion since 2018 as part of an effort to strengthen the business. The completion of the spinoff marks the creation of three independent companies—GE HealthCare, GE Vernova, and GE Aerospace—each well-positioned to build upon “GE’s history of innovation,” said the company in a written statement.
“Building on a century of learning and carrying forth GE’s legacy of innovation, GE Aerospace moves forward with a strong balance sheet and greater focus to invent the future of flight, lift people up, and bring them home safely,” added Culp. “With Flight Deck, our proprietary lean operating model, as our foundation, I am confident we will realize our full potential in service of our customers, employees, and shareholders.”