GE’s power business to change name
Part of company’s plan to separate medical, aerospace and energy businesses
GE said its existing energy business portfolio will be called GE Vernova once it is spun off in 2024.
Energy businesses include GE Power as well as the company’s renewable energy, digital and energy financial services segments.
In early 2024, GE plans to execute the tax-free spin-off of GE Vernova, which together with its customers provides a third of the world’s electricity. The new name is a combination of ‘ver’, derived from ‘verde’ and ‘verdant’ to denote Earth’s greens and blues, and ‘nova’, from the Latin ‘novus’ or ‘new’, reflecting a new and an innovative era of low-carbon energy that GE Vernova will help deliver. These attributes are also reflected in GE Vernova’s new “evergreen” brand color. The company has an installed base of over 7,000 gas turbines and 400 GW of renewable energy equipment.
“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, enabling these companies to win in the future,” said H. Lawrence Culp, Jr., president and chief executive officer of GE. GE and CEO of GE Aerospace. “Built on a foundation of lean and innovation, these brands will continue our mission to build a world that works and provide our customers with an important reminder of the strengths they value in GE.”
GE HealthCare will be the name of GE’s healthcare business. GE’s existing portfolio of energy businesses, including renewables, power, digital and energy financial services, will be brought together under the GE Vernova brand. GE Aerospace will be the name of GE’s aerospace business. The three planned businesses will continue to benefit from GE’s global heritage and brand valued at nearly $20 billion, the company said.
Watch Larry Culp discuss GE’s new brand names
In addition, GE announced today that following the completion of the planned spin-off, GE HealthCare shares will trade on the Nasdaq Global Select Market under the symbol “GEHC”. By listing on Nasdaq, GE HealthCare will benefit from the exchange’s profile and track record as a market for innovative, technology-driven public companies, particularly in the healthcare sector.
GE intends to execute the tax-exempt spinoff of GE HealthCare in early 2023, creating an independent company that drives innovation in precision health to improve patient outcomes and address critical challenges for patients and clinics.
Following this planned spinoff, GE will be an aviation-focused company called GE Aerospace. With an installed base of 39,400 commercial aircraft engines 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 brand color “atmosphere blue” – representing the upper limits of the atmosphere – maintain the brand’s strong position in the aviation industry, while presenting a confident vision for to be competitive and progress in the field of aerospace and defense for future generations. Following the planned separations, GE Aerospace would own the GE brand and provide long-term licenses to the other companies.
“Over the past six months, we have engaged in an extensive customer-led process to understand the intrinsic value of the GE brand for our future businesses,” said Linda Boff, chief marketing officer of GE. “Based on data and analytics gleaned from thousands of conversations, it became clear that the GE name and our century-old monogram represent a legacy of innovation, a symbol of trust from global customers, pride for our team and a talent magnet for future leaders We are proud that these future companies can build on GE’s innovation DNA.