The health care business was named GE (www.GE.com) Health; GE’s energy business portfolio, including GE Renewable Energy, GE Power, GE Digital, and GE Energy Financial Services, will unite as GE Vernova; The aviation business will be named GE Aerospace
GE (NYSE:GE) today announced the brand name of the future company it will create through a planned split into three of the world’s leading investment-grade public companies focused on growth in healthcare, energy and aviation.
GE HealthCare will be the name of GE’s healthcare business. GE’s existing energy business portfolio, including Renewable Energy, Electric Power, Digital, and Energy Financial Services, will sit together under the GE Vernova brand name. GE Aerospace will be the name of GE’s aviation business. The three planned companies will continue to benefit from GE’s legacy and nearly $20 billion global brand*.
Additionally, GE announced today that following the completion of the planned spinoff, GE HealthCare shares will be listed on The Nasdaq Global Select Market under the ticker symbol “GEHC.” By listing on the Nasdaq, GE HealthCare will benefit from the exchange’s profile and track record as a marketplace for innovative, technology-led public companies, particularly in the healthcare sector.
H. Lawrence Culp, Jr., Chairman and CEO, GE, and CEO, GE Aerospace said, “Today marks an important milestone in GE’s plan to become three independent laser-focused companies. Leveraging GE’s billion-dollar global brand gives us a competitive advantage in our end markets, enabling this business to win in the future. Built on a foundation of lean and innovation, these brands will continue our mission to build a working world and provide our customers with an important reminder of the power they value at GE.”
GE intends to implement a tax-free spinoff of GE HealthCare in early 2023, creating an independent company that drives innovation in precision healthcare to improve patient outcomes and address critical patient and clinical challenges. Building on a history of more than 100 years, the GE HealthCare name and Monogram will serve as a lasting badge of safety, quality, trust and innovation. The new brand color for GE HealthCare is called “compassionate purple” to reflect more humanity and warmth and achieve greater difference. The company will continue to be at the forefront of patient care and provider with more than four million product installations and more than two billion patient examinations a year.
In early 2024, GE plans to implement a tax-free spinoff of GE Vernova, GE’s energy business portfolio, which together with its customers provides one-third of the world’s electricity and is focused on accelerating the path to reliable, affordable and sustainable energy. The new name is a combination of “ver,” which comes from “verde” and “verdant” to signify the green and blue of the Earth, and “nova,” from the Latin “novus,” or “new,” which reflects something new. and the innovative era of low-carbon energy that GE Vernova will support. These attributes are also reflected in GE Vernova’s new “green” brand color. With an installed base of more than 7,000 gas turbines and 400 GW of renewable energy equipment, the GE Vernova Monogram will serve as a reminder of the company’s enduring commitment to providing quality, partnership and ingenuity to its customers.
Following this spin-off plan, GE will become 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 an important role in supporting the industry through historic restoration while shaping the future of aviation. The GE monogram, new name, and new “atmosphere blue” brand color—representing the upper frontier of atmosphere—maintain the brand’s strong position in the aviation sector, while setting a confident vision to compete and advance in aerospace and defense for future generations. After the planned split, GE Aerospace will own the GE trademark and will grant long-term licenses to other companies.
GE Chief Marketing Officer Linda Boff said, “Over the past six months, we have been involved in a thorough customer-led process to understand the intrinsic value of the GE brand for the future company we are planning for. Based on data and analysis drawn from thousands of conversations, it became clear that our more than a century-old name GE and Monogram represent a legacy of innovation, a symbol of trust by global customers, pride of our team, and a talent magnet for tomorrow’s leaders. . We are proud that this future business will be able to build on GE’s innovation DNA.”
By creating three separate companies, each will benefit from greater focus, adjusted capital allocation, and strategic flexibility to drive long-term growth and value.*
Distributed by APO Group on behalf of GE.
*According to Interbrand Best Global Brands 2021 (https://bit.ly/3zgfmbK) .
**This plan may be subject to legally mandated consultation outcomes in some parts of the world.
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GE Launches Brand Names for Three Planned Future Public Companies
Source link GE Launches Brand Names for Three Planned Future Public Companies