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GE Vernova’s headquarters based in Cambridge, Massachusetts. Source | GE Vernova

On April 2,  (Cincinnati, Ohio, U.S.) announced its official launch as an independent public company defining the future of flight, following the completion of the GE Vernova spinoff, the company’s renewable energy business that includes wind blade manufacturing. The eventual transition was in November 2021. GE Aerospace will trade on the New York Stock Exchange (NYSE) under the ticker “GE.” 

“The successful launch of three independent, public companies marks a historic final step in the multiyear transformation of GE,” says H. Lawrence Culp Jr., GE Aerospace chairman and CEO. “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.”

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With an installed base of approximately 44,000 commercial engines and approximately 26,000 military and defense engines around the world, GE Aerospace launches as an established global leader in propulsion, services and systems. The company generated approximately $32 billion in adjusted revenue in 2023, with 70% generated by services and the strong economics of the engine aftermarket.

At the company’s Investor Day in March, GE Aerospace reaffirmed its 2024 guidance and presented a longer term financial outlook, including expecting to achieve ~$10 billion of operating profit in 2028. Additionally, GE Aerospace shared a capital allocation framework to invest in growth and innovation, while also returning approximately 70-75% of available funds to shareholders.

The launch of GE Aerospace represents the completion of GE’s multiyear 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. Simultaneously, the company-wide implementation and adoption of lean and a relentless pursuit of continuous improvement in service of the customer, enabled a deep and sustainable shift in culture. This stronger foundation enabled the successful creation of  three independent companies focused on the growth sectors of aviation, healthcare and energy — GE HealthCare, GE Vernova and GE Aerospace — each of which are now well-positioned to build upon GE’s history of innovation.

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. For U.S. federal income tax purposes, the distribution has been conducted in a tax-efficient manner for GE shareholders in the U.S.