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General Electric set to launch new aviation company
General Electric is set to launch an aviation company, GE Aerospace, following its spin-off. With a base of 39,400 commercial and 26,200 military aircraft engines, it will continue to play a key role in supporting the sector through a historic recovery.
Leading technology major General Electric today (July 18) announced plans to set up an aviation-focused company, GE Aerospace, apart from two other units - one focused on healthcare and the other on renewable energy, power, digital, and energy financial services - following its planned spin-off.
Revealing the names of the other two distinct companies, the conglomerate said GE HealthCare will cater to its healthcare business, while its existing energy portfolio of businesses, including renewable energy, power, digital and energy financial services, will sit together under the brand name GE Vernova.
All three planned companies will continue to benefit from GE’s heritage and global brand valued at nearly $20 billion, it added.
GE had earlier announced that it was preparing to split into three public companies by spinning off its healthcare business next year, and combining its power and renewable energy units to be spun off in 2024. GE itself will then become an aviation company, headed by Culp.
On its aviation unit, GE said with an installed base of 39,400 commercial and 26,200 military aircraft engines, GE Aerospace will continue to play a vital role in supporting the industry through a historic recovery while shaping the future of flight. The aerospace offshoot will also own the GE trademark, which it can license out to the other divisions.
The GE Monogram, new name, and new “atmosphere blue” brand color - 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 defense for future generations.
On the new brands, 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, 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," stated Boff.
"By creating three separate companies, each will benefit from greater focus, tailored capital allocation and strategic flexibility to drive long-term growth and value.-TradeArabia News Service