GE Aerospace has officially launched as an independent public company trading as ‘GE’ on the New York Stock Exchange (NYSE) following the completion of the GE Vernova spin-off.

GE Aerospace chairman and chief executive H. Lawrence Culp Jr, said: “I am tremendously proud of our team, their resilience, and their dedication to achieving this defining moment.”

The launch of GE Aerospace as a standalone business represents the completion of GE’s multi-year financial and operational transformation.

Over the last several years GE has taken steps to significantly strengthen the business, including more than $100 billion in debt reduction since 2018.

Simultaneously, the firm says that the company-wide implementation and adoption of lean and a relentless pursuit of continuous improvement in service of the customer, has enabled a deep and sustainable shift in culture. This stronger foundation has enabled the successful creation of three independent companies – GE HealthCare, GE Vernova, and GE Aerospace.

Multi-year transformation

Speaking at the launch on April 2, 2024, Culp Jr, said: “With the successful launch of three independent, public companies now complete – today marks a historic final step in the multi-year transformation of GE.

“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.”

“With FLIGHT DECK, our proprietary lean operating model, as our foundation, I am confident we will realise our full potential in service of our customers, employees, and shareholders.”

An established leader

With an installed base of approximately 44,000 commercial engines and approximately 26,000 military and defence engines around the world, GE Aerospace launches as an established global leader in propulsion, services, and systems.

The company generated approximately $32 billion in adjusted revenue in 2023, with 70% generated by services and the strong economics of the engine aftermarket.

At the company’s Investor Day in March 2024, GE Aerospace presented a longer-term financial outlook which includes expectations to achieve approximately $10 billion of operating profit in 2028. GE Aerospace also shared a capital allocation framework to invest in growth and innovation, while also returning approximately 70-75% of available funds to shareholders.