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GE Aerospace Goes Independent After Vernova Spin-Off

Our Bureau - : Apr 2, 2024 - : 11:12 pm

GE Aerospace officially launched as an independent public company on Tuesday (Apr. 2), marking an important milestone in the aviation industry. This move follows the completion of the GE Vernova spin-off, with the company now trading on the New York Stock Exchange (NYSE) under the ticker symbol “GE”.

“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,” said H. Lawrence Culp Jr., Chairman and CEO of GE Aerospace.

“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 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,” he added.

GE Aerospace has a global presence with approximately 44,000 commercial engines and around 26,000 military and defence engines installed worldwide. In 2023, the company generated approximately $32 billion, with services accounting for 70% of the revenue.

During the Investor Day in March, the company reaffirmed its 2024 guidance and presented a long-term financial outlook, aiming to achieve around $10 billion of operating profit by 2028. Additionally, it outlined a capital allocation framework prioritizing investment in growth and innovation while also committing to returning approximately 70-75% of available funds to shareholders.

The launch of GE Aerospace represents the culmination of GE’s multi-year financial and operational transformation. The company has significantly strengthened its position, including reducing more than $100 billion in debt since 2018.

This transformation and the successful creation of three independent companies – GE HealthCare, GE Vernova, and GE Aerospace – underscores GE’s commitment to innovation and adaptability.

For United States federal income tax purposes, holders of GE common stock were entitled to receive one share of GE Vernova common stock for every four shares of GE common stock held, with the distribution conducted in a tax-efficient manner.

Legal counsel for the transaction was provided by Paul, Weiss, Rifkind, Wharton & Garrison LLP, while Evercore, Morgan Stanley, and PJT Partners served as the lead financial advisors. Additional legal advice came from DLA Piper and Gibson, Dunn & Crutcher LLP, with financial advice from Citibank, The Consello Group, BNP Paribas, and UBS.


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