Today’s start of trading on the New York Stock Exchange marked a beginning and an end, with the advent of GE Aerospace closing the era of GE, the conglomerate formally known as the General Electric Corporation.
The official launch of GE Aerospace as an independent, publicly traded company completes a reorganisation of GE into three independent businesses consolidating its major product domains. GE Healthcare was spun off in January, and GE Vernova – holding GE’s energy businesses – was spun off on 2 April, leaving the former parent focused solely on the aerospace business best known for its civil and military jet engines.
GE Aerospace will trade on the New York Stock Exchange (NYSE) under the ticker “GE”.
GE Aerospace Chairman and CEO H. Lawrence Culp Jr., said, “With the successful launch of three independent, public companies now complete, today marks a historic final step in the multi-year transformation of GE. I am tremendously proud of our team, their resilience, and their dedication to achieving this defining moment.”
Culp continued, “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.”
With an installed base of approximately 44,000 commercial engines and approximately 26,000 military and defense engines around the world, GE Aerospace generated approximately $32 billion in adjusted revenue in 2023, with 70% generated by services and the engine aftermarket.
The launch of GE Aerospace represents the completion of a financial and operational transformation. Over the last several years GE has taken steps to significantly strengthen the business, including more than $100 billion in debt reduction since 2018.
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