2024-03-01
http://w3.windfair.net/wind-energy/pr/45833-ge-ge-vernova-quarter-spinoff-independent-approval-board-stock-exchange-energy-transition

News Release from GE Renewable Energy

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GE Announces Planned Spin-Off Timing Beginning of Second Quarter of 2024; Selects Listing Exchanges and Ticker Symbols for Future Independent GE Vernova and GE Aerospace

Tax-free spin-off planned for completion in the beginning of the second quarter of 2024 / Following completion of the planned spin-off, shares of GE Vernova will be listed on the New York Stock Exchange under the ticker symbol “GEV”; GE Aerospace will continue GE’s listing on the New York Stock Exchange under the ticker symbol “GE”

Image: GE VernovaImage: GE Vernova

GE (NYSE:GE) today announced that it plans to spin off GE Vernova and launch GE Aerospace in the beginning of the second quarter of 2024, subject to final approval from the GE Board of Directors and other customary conditions.

Following completion of the planned spin-off, shares of GE Vernova will be listed on the New York Stock Exchange under the ticker symbol “GEV,” and GE Aerospace will continue GE’s listing on the New York Stock Exchange under the ticker symbol “GE.”

By listing on the New York Stock Exchange, GE Vernova and GE Aerospace will benefit from the exchange’s associations with iconic, leading businesses with established track records of success, particularly in sectors associated with the energy transition and aerospace & defense.

GE Chairman and CEO and GE Aerospace CEO H. Lawrence Culp, Jr. said, “It’s been nearly two years since we announced our plan to create three independent, investment-grade, industry leaders. We’re now closing in on our final step—spinning off GE Vernova and launching GE Aerospace, following the successful spin-off of GE HealthCare earlier this year. Our teams are building momentum, and we’re excited to be with so many of our valued customers and industry peers on the New York Stock Exchange in the beginning of the second quarter of 2024.”  

GE Vernova CEO Scott Strazik added, “Today’s milestone demonstrates the progress our team is making toward spinning off GE Vernova as an independent company driving both electrification and decarbonization. We’re focused on delivering for our stakeholders while positioning our company for long-term success, and we are excited to launch GE Vernova on the New York Stock Exchange.”

NYSE President Lynn Martin said, “The New York Stock Exchange is delighted to continue our long-standing relationship with GE spanning over three centuries. We’re thrilled to have GE Aerospace and GE Vernova in our community of listed companies, providing both with industry-leading visibility and market quality as they embark on this exciting journey as stand-alone entities.”

Source:
GE
Author:
Press Office
Link:
www.ge.com/...
Keywords:
GE, GE Vernova, quarter, spinoff, independent, approval, Board, stock exchange, energy transition



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