GE Vernova completes spin-off from GE, begins trading on NYSE
GE Vernova, which houses General Electric's (GE) renewable energy, power, and digital businesses on Tuesday said its spin-off from GE is complete and it will begin trading as an independent company on the New York Stock Exchange under the ticker symbol GEV.
In 2021, General Electric decided to split its businesses into GE Healthcare, GE Aerospace, and a third unit, GE Vernova.
“Today, GE Vernova becomes an independent company singularly focused on accelerating the energy transition to create a more sustainable future,” said Scott Strazik, CEO of GE Vernova, adding that GE Vernova's power, wind, and electrification segments provide essential products and services to the electric power industry as it works to meet the growing power demands of economies and deliver electricity that is vital to health, safety, security, and improved quality of life.
The company said the spin-off was achieved by GE’s distribution of all shares of the common stock of GE Vernova Inc. Each holder of record of GE common stock received one share of GE Vernova Inc. common stock for every four shares of GE common stock held on March 19, 2024.
GE Vernova has more than 80,000 employees across more than 100 countries.
With an installed base of over 7,000 gas turbines, the world’s largest, approximately 55,000 wind turbines, and leading-edge electrification technology, GE Vernova helps generate approximately 30% of the world’s electricity.
«GE Vernova serves a vital $265 billion industry segment estimated to grow to $435 billion by 2030.
