General Electric‘s (NYSE: GE) aerospace business has started trading on the New York Stock Exchange as a separate entity under the ticker symbol “GE” following the completion of the spin-off of GE Vernova, which comprises the company’s energy businesses.
GE Aerospace is headed by Chairman and CEO Lawrence Culp and has approximately 44,000 commercial engines and 26,000 military and defense engines in its portfolio, the company said Tuesday.
“Building on a century of learning and carrying forth GE’s legacy of innovation, GE Aerospace moves forward with a strong balance sheet and greater focus to invent the future of flight, lift people up, and bring them home safely,” Culp said.
“With FLIGHT DECK, our proprietary lean operating model, as our foundation, I am confident we will realize our full potential in service of our customers, employees, and shareholders,” he added.
GE Aerospace reported adjusted revenue of $32 billion in 2023 and anticipates achieving approximately $10 billion of operating profit in 2028.
Paul, Weiss, Rifkind, Wharton & Garrison acted as legal counsel to GE Aerospace on the transaction. Evercore, Morgan Stanley, and PJT Partners served as lead financial advisers.
GE Aerospace have also sought legal counsel from DLA Piper and Gibson, Dunn & Crutcher and financial advice from Citibank, The Consello Group, BNP Paribas, and UBS.
