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General Electric approves GE Vernova spin-off

RICHARD HEAP

March 1, 2024

GE Vernova is set to begin trading on the New York Stock Exchange on 2nd April after the spin-off from General Electric was approved yesterday.

GE’s board of directors approved the spin-off of GE Vernova, which was announced in 2022 and where the timing was clarified in October 2023. The GE board also approved the listing of GE Aerospace, which is focused on the aerospace and defence sector.

Larry Culp, chief executive of GE, said: “Today’s announcement clears the way for the historic launches of GE Vernova and GE Aerospace, completing our transformation into three independent, investment-grade industry leaders. Beginning April 2, both companies will be fully independent, with GE Vernova positioned to lead the energy transition guided by Scott Strazik and his team, and GE Aerospace set up to define flight for today, tomorrow, and the future. We are all excited about the opportunity and the responsibility ahead of us.”

Scott Strazik, chief executive at GE Vernova, said when the timing was announced in October, that his team was “focused on delivering for our stakeholders while positioning our company for long-term success” and was “excited to launch GE Vernova on the New York Stock Exchange”.

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