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Restructuring for three big industries
GE is rebranding itself under three future companies in aviation, energy, healthcare. GE Aerospace will be the name of GE’s aviation business. GE’s energy portfolio of businesses, including Renewable Energy, Power, Digital, and Energy Financial Services, will sit together under the brand name GE Vernova. GE HealthCare will be the name of GE’s healthcare business. The three companies will be able to better focus their efforts on their individual sectors.
GE Aerospace will have 39,400 commercial and 26,200 military aircraft engines. Following the planned separations, GE Aerospace would own the GE trademark and would provide long-term licenses to the other companies.
GE Vernova starts in 2024, providing one-third of the world’s electricity. The name combines “ver” from “verdant” to mean green, and “nova”, from the Latin “novus” to mean new – New Green. Vernova showcases over 7,000 gas turbines and 400 GW of renewable energy equipment.
GE starts GE HealthCare in early 2023, which will work to improve patient outcomes and address critical patient and clinical challenges. The company will be involved with provider and patient care with more than four million product installations and over two billion patient exams a year.