By MICHELLE CHAPMAN
AP Business Writer
General Electric on Monday revealed the names of the three companies that will operate on their own after the historic split of the one-time conglomerate, including a mashup of words that will make up the name of the new energy company.
GE announced in November that it planned to split into three companies focused on aviation, health care and energy.
The name of the aviation business that will essentially be the remaining core of GE, 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 ‘ver,’ derived from ‘verde’ and ‘verdant’ to signal the greens and blues of the Earth, and ‘nova,’ from the Latin ‘novus,’ or ‘new,’ reflecting a new and innovative era of lower carbon energy that GE Vernova will help deliver,” the company said Monday.
The healthcare business will be named GE Healthcare.
The split is the culmination of years of paring by the massive American conglomerate which signaled a shift away from a corporate structure that dominated U.S. business for decades.
The company has already rid itself of the products most Americans know it for, including its appliances, and in 2020, the light bulbs that GE had been making since the late 19th century when the company was founded.
The breakup marks the apogee of those efforts, divvying up an empire created in the 1980s under Jack Welch, one of America’s first CEO “superstars.”
The company said Monday that GE HealthCare will be listed on the Nasdaq under the ticker symbol “GEHC.” GE plans a tax-free spin-off of the business early next year.
GE Vernova is exected to be spun off in early 2024. Once the spinoffs are complete, GE will be an aviation-focused company that will own the GE trademark and provide long-term licenses to the other companies.