As of April 02, 2024, GE Aerospace (NYSE: GE) officially launched as an independent public company.

This move comes after the completion of the GE Vernova spin-off. GE Aerospace will be traded on the New York Stock Exchange (NYSE) under the ticker symbol “GE.” To commemorate the occasion, both GE Aerospace and GE Vernova will ring the opening bell together at the NYSE at 9:30 a.m. ET.

, expressed his pride in the team’s accomplishment, stating, “With the successful launch of three independent, public companies now complete – today marks a historic final step in the multi-year transformation of GE.”

In an online interview, H. Lawrence Culp Jr., Chairman and CEO of GE AerospaceCulp emphasized GE Aerospace’s commitment to innovation and safety in flight.

“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,” said Culp.

GE Aerospace boasts an impressive global presence, with approximately 44,000 commercial engines and approximately 26,000 military and defense engines worldwide. In 2023, the company generated around $32 billion in adjusted revenue, with services accounting for 70% of the revenue.

At the recent Investor Day in March, GE Aerospace reaffirmed its 2024 guidance and presented a long-term financial outlook, aiming to achieve approximately $10 billion of operating profit in 2028. The company also outlined plans for capital allocation, prioritizing investment in growth and innovation while committing to returning approximately 70-75% of available funds to shareholders.

GE common stockholders received one share of GE Vernova common stock for every four shares of GE common stock held. The distribution was conducted with consideration for tax efficiency for shareholders in the United States.

Legal counsel for the transaction was provided by Paul, Weiss, Rifkind, Wharton & Garrison LLP, with Evercore, Morgan Stanley, and PJT Partners serving as lead financial advisors. The company also received legal advice from DLA Piper and Gibson, Dunn & Crutcher LLP, and financial advice from Citibank, The Consello Group, BNP Paribas, and UBS.