GE Aerospace Launches as Independent Public Company

GE Aerospace shares its official launch as an independent public company, after the completion of the GE Vernova spin-off. GE Aerospace now trades on the New York Stock Exchange (NYSE) under the ticker “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,” says GE Aerospace Chairman and CEO H. Lawrence Culp Jr. 

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.

The launch of GE Aerospace represents the completion of GE’s multi-year 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 pursuit of continuous improvement in service of the customer, enabled a sustainable shift in culture, according to GE. This foundation enabled the successful creation of three independent companies—GE HealthCare, GE Vernova and GE Aerospace.

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 United States.

Paul, Weiss, Rifkind, Wharton, & Garrison LLP acted as legal counsel. Evercore, Morgan Stanley, and PJT Partners were the lead financial advisors on the transaction. The company also received legal advice from DLA Piper and Gibson, Dunn, & Crutcher LLP and financial advice from Citibank, The Consello Group, BNP Paribas, and UBS.

GE Aerospace will issue its first quarter 2024 earnings on April 23, 2024 and will host its earnings call at 7:30 a.m.ET, which can be accessed here.

Sources: Press materials received from the company and additional information gleaned from the company’s website.