GE has revealed the names of its spinoffs as it prepares to split into three independent companies. And here’s a spoiler alert, “GE” will still be part of the name of the firm trio.
The new companies will be named, GE Healthcare, GE Aerospace, and GE Verona. GE Vernova has the most radical name change and will focus on Renewable Energy, Power, Digital, and Energy Financial Services.
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.
GE Vernova will sport the evergreen brand color.
GE Aerospace has an installed base of 39,400 commercial and 26,200 military aircraft engines, the company will continue to play a vital role in supporting the industry through a historic recovery while shaping the future of flight. The aerospace company will sport the atmosphere blue color.
Finally, GE Healthcare will sport the compassion purple color.
“Today marks a key milestone in GE’s plan to become three independent, laser-focused companies,” H. Lawrence Culp, Jr., Chairman and CEO, GE, and CEO, GE Aerospace
said in a release. “Leveraging GE’s multi-billion-dollar global brand gives us a competitive advantage in our end markets, allowing these businesses to win in the future. Built on a foundation of lean and innovation, these brands will continue our mission of building a world that works and provide our customers with an important reminder of the strengths they value in GE.”
Plans for a potential split surfaced in 2018 when GE said it would spin out its healthcare unit into a publicly traded company. But that move did not happen immediately and in 2019, questions came up about when or if the IPO would happen. GE noted that such a move would be put on hold while it sold its pharmaceutical business to Danaher for $21 billion.
Talks about the healthcare unit going public re-emerged late last year. GE would announce it was splitting into three units – a measure that reinforced the trend of mega-corporations in the industry becoming smaller instead of getting bigger.
Around the same time GE said it was splitting, Johnson & Johnson made a similar move – announcing it would separate its consumer products business from its medical device and pharmaceutical businesses.