GE HealthCare will be the name of GE’s healthcare business. GE’s existing energy portfolio of businesses will be combined under the brand name GE Vernova. GE Aerospace will be the name of GE’s aviation business. All three planned companies will continue to benefit from GE’s heritage and global brand valued at nearly $20 billion.
|All three companies will continue to benefit from GE's heritage |
Additionally, GE announced today that following the completion of the planned spin-off, shares of GE HealthCare will be listed on the Nasdaq Global Select Market under the ticker symbol GEHC.
By listing on Nasdaq, GE HealthCare will benefit from the exchange’s profile and track record as a market for innovative, technology-led public companies, particularly in the healthcare sector.
Larry Culp Jr., chairman and CEO of GE and CEO of GE Aerospace said, “Today marks a key milestone in GE’s plan to become three independent, laser-focused companies. Leveraging GE’s multi-billion-dollar global brand gives us a competitive advantage in our end markets, allowing these businesses to win in the future. Built on a foundation of lean and innovation, these brands will continue our mission of building a world that works and provide our customers with an important reminder of the strengths they value in GE.”
GE intends to execute the tax-free spin-off of GE HealthCare in early 2023, creating an independent company driving innovation in precision health to improve patient outcomes and address critical patient and clinical challenges.
Building on a more than 100-year history, the GE HealthCare name and monogram will serve as an enduring badge of safety, quality, trust, and innovation.
|Larry Culp Jr. Chairman and CEO, GE and CEO, GE Aerospace, joins Linda Boff, GE’s Chief Marketing Officer, to share an update after unveiling the new brand names for GE’s three planned future companies. (Source: General Electric) |
The new brand colour for GE HealthCare is called “compassion purple” to reflect more humanity and warmth and achieve greater distinction.
The company will continue to be at the forefront of provider and patient care with more than four million product installations and over two billion patient exams a year.
In early 2024, GE plans to execute the tax-free spin-off of GE Vernova, GE’s portfolio of energy businesses, which together with its customers provides one-third of the world’s electricity and is focused on accelerating the path to reliable, affordable, and sustainable energy.
The new name is a combination of “ver", derived from “verde” and “verdant” to signal the greens and blues of the Earth, and “nova”, from the Latin “novus,” or “new,” reflecting a new and innovative era of lower carbon energy that GE Vernova will help deliver.
These attributes also are reflected in GE Vernova’s new “evergreen” brand colour. With an installed base of more than 7,000 gas turbines and 400 GW of renewable energy equipment, GE Vernova’s monogram will serve as a reminder of the company’s lasting commitments to deliver quality, partnership, and ingenuity to its customers.
Following these planned spin-offs, GE will be an aviation-focused company called GE Aerospace.
With an installed base of 39,400 commercial and 26,200 military aircraft engines, the company will continue to play a vital role in supporting the industry through a historic recovery while shaping the future of flight.
The GE monogram, new name, and new “atmosphere blue” brand colour, representing the upper limits of the atmosphere, maintain the brand’s strong standing in the aviation sector while setting forth a confident vision to compete and advance in the field of aerospace and defence for future generations.
Following the planned separations, GE Aerospace would own the GE trademark and would provide long-term licenses to the other companies.
GE chief marketing officer Linda Boff said, “Over the course of the last six months, we engaged in a thorough, customer-led process to understand the intrinsic value of the GE brand for our planned future companies. Based on data and analysis drawn from thousands of conversations, it became clear that the GE name and our century-plus old monogram represent a legacy of innovation and a symbol of trust by global customers, pride for our team, and a talent magnet for future leaders. We’re proud these future businesses will be able to build on GE’s DNA of innovation.”
By creating three separate companies, each will benefit from greater focus, tailored capital allocation, and strategic flexibility to drive long-term growth and value.