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GE Aerospace has launched as an independent, public company following the completion of the GE Vernova spin-off.
GE Aerospace chairman and CEO H. Lawrence Culp Jr., said: “With the successful launch of GE Aerospace and GE Vernova as independent, public companies now complete – today marks the historic final step in the multi-year transformation of GE. I am tremendously proud of our teams, their resilience and dedication to achieving this defining moment.”
Culp continued: “Building on a century of learning and carrying forth GE’s legacy of innovation, GE Aerospace moves forward with a stronger balance sheet and greater focus to invent the future of flight, lift people up, and bring them home safely. With FLIGHT DECK, our lean operating model, as our foundation for connecting strategy to results, I am confident we will realize our full potential in service of our customers, employees, and shareholders.”
With an installed base of approximately 44,000 commercial engines and approximately 26,000 military and defense engines around the world, GE Aerospace launches as an established global leader in propulsion, services, and systems. The company generated approximately $32 billion of revenue in 2023, with 70 per cent generated by services.
At the company’s Investor Day in March, GE Aerospace reaffirmed its 2024 guidance and presented a longer-term financial outlook, including achieving ~$10B of operating profit in 2028.
This press release was prepared and distributed by GE Aerospace.
