GE has revealed the names of its aviation, energy, and health care units
20 July 2022
GENERAL ELECTRIC (GE) revealed the names of its aviation, energy and health care that will operate independently following the historic split of the one-time conglomerate on Monday (Tuesday in Manila), including a mashup of words that will form the name of the new energy company.
Last November, GE announced its intention to split into three companies focused on aviation, energy and health care.
The aviation business will essentially be the remaining core of GE, led by CEO Larry Culp, and will be known as GE Aerospace.
GE Vernova will be the name of the energy division, which will include GE Renewable Energy, GE Power, GE Digital, and GE Energy Financial Services.
“The new name is a combination of ‘ver,’ which is derived from’verde’ and’verdant’ to signal the greens and blues of the Earth, and ‘nova,’ which is derived from the Latin ‘novus,’ or ‘new,’ reflecting a new and innovative era of lower carbon energy that GE Vernova will help deliver,” the company said on Monday.
The split is the result of years of paring by the massive US conglomerate, signaling a shift away from a corporate structure that dominated American business for decades.
The company has already phased out the products that most Americans associate it with, such as appliances, and will phase out light bulbs in 2020, which GE has been producing since the late 1800s, when the company was founded.
The dissolution represents the pinnacle of those efforts, dividing up an empire built in the 1980s by Jack Welch, one of America’s first CEO “superstars.”
GE Healthcare will be listed on the Nasdaq under the ticker symbol “GEHC,” and the company intends to spin off the business tax-free early next year.
GE Vernova will be spun off in early 2024. Following the completion of the spinoffs, GE will be an aviation-focused company that will own the GE trademark and grant long-term licenses to the other companies.
