GE reveals brand names for 3 new companies following reorganization

General Electric on Monday unveiled the brand names of the three companies that will result from its historic reorganization plans. Image Courtesy of General Electric
General Electric on Monday unveiled the brand names of the three companies that will result from its historic reorganization plans. Image Courtesy of General Electric

July 18 (UPI) -- General Electric on Monday unveiled the brand names of the new companies it will create through its historic planned reorganization into the healthcare, energy and aviation sectors.

The $70 billion industrial giant said the new spinoff companies will be called GE HealthCare and GE Vernova, while the remaining legacy firm will be renamed GE Aerospace.

Lawrence Culp Jr., the Boston-based company's CEO since 2018, said the moves reflect GE's focus on reducing debt, improving operational performance and growing profits, with the three new companies carrying an initial value of nearly $20 billion.

"Today marks a key milestone in GE's plan to become three independent, laser-focused companies," he said in a release. "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."

GE announced last year it will keep a near 20% stake in the new healthcare company, which will officially be spun off next year. It will be listed on the Nasdaq Global Select Market under the ticker symbol "GEHC," officials said Monday.

GE Vernova, which will package GE's energy portfolio of businesses of renewable energy, power, digital and energy financial services, will be launched in 2024.

GE Aerospace, meanwhile, will own the GE trademark and provide long-term licenses to the other companies, Culp announced.

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