General Electric on Monday revealed the names of three companies that will operate on their own after the one-time conglomerate’s historic split, including a mashup of words that would make up the new energy company’s name.
GE announced in November that it planned to split into three companies focused on aviation, health care and energy.
The aviation business that will essentially be the rest of GE’s core, headed by CEO Larry Culp, will be called GE Aerospace.
The energy wing, including GE Renewable Energy, GE Power, GE Digital and GE Energy Financial Services, will be called GE Vernova.
“The new name is a combination of ‘verde’ and ‘verdant’ derived from ‘verde’ and ‘verdant’ indicating the greens and blues of the earth, and ‘nova’ denoting one from the Latin ‘novus’ or ‘new’. The new and innovative era of low-carbon energy that GE Vernova will help deliver,” the company said on Monday.
The healthcare business will be named GE Healthcare.
The split is the culmination of years by the largely American conglomerate that signaled a move away from the corporate structure that had dominated American business for decades.
The company has already gotten rid of the products most Americans know it for, including its appliances, and in 2020, the lighting since the late 19th century when the company was founded by GE. Making a bulb.
The breakup marks the climax of those efforts to split the empire built in the 1980s under Jack Welch, one of America’s first CEO “superstars”.
GE Healthcare will be listed on the Nasdaq under the ticker symbol “GEHC,” the company said on Monday. GE is planning a tax-free spin-off of the business early next year.
GE Vernova is expected to close in early 2024. Once the spinoff is complete, GE will be an aviation-focused company that will own the GE trademark and provide long-term licenses to other companies.