GE Vernova to launch on April 2 after GE board okays spin-off

GE Vernova will become an independent company in about a month after on Thursday General Electric Company’s (NYSE:GE) board approved its spin-off.

The spin-off will occur on April 2, when GE Vernova is set to start trading on the New York Stock Exchange under the ticker symbol “GEV”.

“Today’s announcement clears the way for the historic launches of GE Vernova and GE Aerospace, completing our transformation into three independent, investment-grade industry leaders,” stated GE chairman and CEO and GE Aerospace CEO H. Lawrence Culp, Jr.

The separation will take place as GE shareholders of record on March 19 receive one share of GE Vernova for every four shares of GE owned. After the spin-off, GE will operate as GE Aerospace, continuing GE’s listing on the NYSE under the ticker symbol “GE.”

GE Vernova is focused on electrification and decarbonisation products and services needed to accelerate the energy transition. It has three operating segments -- power, wind and electrification. The wind segment includes onshore and offshore wind turbines and blades. In 2023, it had a revenue of USD 9.8 billion (EUR 9.5bn) and a backlog of USD 27 billion.

GE has spin-off resources on its website. GE Vernova and GE Aerospace plan investor days on March 6 and March 7, respectively.

(USD 1 = EUR 0.924)

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