GE Announces Planned Spin-Off Timing Beginning of Second Quarter of 2024; Selects Listing Exchanges and Ticker Symbols for Future Independent GE Vernova and GE Aerospace
October 24 2023 - 6:10AM
Business Wire
- Tax-free spin-off planned for completion in the beginning of
the second quarter of 2024
- Following completion of the planned spin-off, shares of GE
Vernova will be listed on the New York Stock Exchange under the
ticker symbol “GEV”; GE Aerospace will continue GE’s listing on the
New York Stock Exchange under the ticker symbol “GE”
GE (NYSE:GE) today announced that it plans to spin off GE
Vernova and launch GE Aerospace in the beginning of the second
quarter of 2024, subject to final approval from the GE Board of
Directors and other customary conditions.
Following completion of the planned spin-off, shares of GE
Vernova will be listed on the New York Stock Exchange under the
ticker symbol “GEV,” and GE Aerospace will continue GE’s listing on
the New York Stock Exchange under the ticker symbol “GE.” 1
By listing on the New York Stock Exchange, GE Vernova and GE
Aerospace will benefit from the exchange’s associations with
iconic, leading businesses with established track records of
success, particularly in sectors associated with the energy
transition and aerospace & defense.
GE Chairman and CEO and GE Aerospace CEO H. Lawrence Culp, Jr.
said, “It’s been nearly two years since we announced our plan to
create three independent, investment-grade, industry leaders. 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. We’re focused on delivering for our stakeholders
while positioning our company for long-term success, and we are
excited to launch GE Vernova on the New York Stock Exchange.”
NYSE President Lynn Martin said, “The New York Stock Exchange is
delighted to continue our long-standing relationship with GE
spanning over three centuries. We’re thrilled to have GE Aerospace
and GE Vernova in our community of listed companies, providing both
with industry-leading visibility and market quality as they embark
on this exciting journey as stand-alone entities.”
Forward-looking Statements
This document contains forward-looking statements – that is,
statements related to future events that by their nature address
matters that are, to different degrees, uncertain. For details on
the uncertainties that may cause our actual future results to be
materially different than those expressed in our forward-looking
statements, see
https://www.ge.com/investor-relations/important-forward-looking-statement-information,
as well as our SEC filings. We do not undertake to update our
forward-looking statements.
About GE
GE (NYSE:GE) rises to the challenge of building a world that
works. For more than 130 years, GE has invented the future of
industry, and today the company’s dedicated team, leading
technology, and global reach and capabilities help the world work
more efficiently, reliably, and safely. GE’s people are diverse and
dedicated, operating with the highest level of integrity and focus
to fulfill GE’s mission and deliver for its customers.
www.ge.com
1 Following the planned spin-off, in which GE will distribute
the common stock of GE Vernova on a pro rata basis to holders of GE
common stock, General Electric Company will be known as GE
Aerospace.
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GE Investor Contact Steve Winoker 617.443.3400
swinoker@ge.com
GE Media Contact Mary Kate Mullaney 202.304.6514
marykate.nevin@ge.com
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