GE Vernova, a global leader driving
electrification and decarbonization, to become standalone public
company
- GE Vernova is well-positioned for multi-decade secular growth
driven by the energy transition
- Latest milestone as GE Vernova prepares to spin-off in early
April following strong 2023 results and continued momentum
- GE’s financial position is strong to support forming GE Vernova
and GE Aerospace as well-capitalized, investment-grade
companies
GE (NYSE:GE) today announced the filing of its
Form 10 registration statement with the U.S. Securities and
Exchange Commission (“SEC”) for the planned spin-off of GE Vernova.
A copy of the Form 10 is available on the SEC website at
www.sec.gov. Downloadable historical financial and pro forma
financial information can also be accessed as an attachment to this
press release and here.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240215013744/en/
GE Vernova Form 10 Highlights (Graphic:
GE)
GE Chairman and CEO and GE Aerospace CEO H. Lawrence Culp, Jr.,
said, “Today’s filing underscores GE Vernova’s important progress
toward its spin-off as an independent, global leader driving
electrification and decarbonization. Our financial position is
strong to support forming GE Vernova and GE Aerospace as
well-capitalized, investment-grade companies, and we’re excited to
launch them to the world in early April.
GE Vernova CEO Scott Strazik said, “GE Vernova is a
purpose-built company serving the electric power industry with a
unique scope and scale of solutions to create a more sustainable
world. Today's milestone demonstrates the significant progress our
teams have made in preparing GE Vernova to launch as a standalone
company and how we are poised to benefit from growing demand for
energy transition products and services. Our momentum continues to
build with this latest milestone as we approach our spin-off.”
Highlights from Form 10
The Form 10 highlights how GE Vernova is:
- A purpose-built company driving electrification and
decarbonization, well-positioned for multi-decade secular growth
driven by the energy transition and serving 20% of a growing
$1.4 trillion market; innovating technology and advancing global
sustainability with more than 80,000 employees in over 100
countries and $1 billion in R&D investments in 2024.
- A global leader providing the electric power industry with a
unique scope and scale of solutions, including products and
services that generate, transfer, orchestrate, convert, and store
electricity across a sizable 2,200 GW global installed base and by
delivering new technologies.
- Strengthening profitability to deliver shareholder
value; driving safety, quality, delivery, and cost using its
lean operating model.
GE Vernova will be organized into three operating segments:
- Power: includes design, manufacture and servicing of
gas, nuclear, hydro, and steam technologies, providing a critical
foundation of dispatchable, flexible, stable, and reliable
power;
- Wind: includes wind generation technologies, inclusive
of onshore and offshore wind turbines and blades that serve
utilities, renewable developers, independent power producers, and
commercial customers to provide carbon-free power generation;
and,
- Electrification: includes grid solutions, power
conversion, solar and storage solutions, collectively referred to
as Electrification Systems, and digital technologies, referred to
as Electrification Software, required for the transmission,
distribution, conversion, storage, and orchestration of electricity
from point of generation to point of consumption.
GE Vernova is also supported by its Accelerator businesses, of
Advanced Research, Consulting Services, and Financial Services.
Additional Information
GE Vernova is expected to spin off from GE in early April,
subject to final approval from the GE Board of Directors and other
customary conditions. GE Vernova will list on the New York Stock
Exchange under the ticker symbol “GEV.” In November 2023, GE
announced the Board of Directors for GE Vernova, bringing together
a strong mix of expertise, industry experience, and diverse
perspectives to help GE Vernova lead the energy transition.
The planned spin-off of GE Vernova is intended to be tax-free
for GE and GE shareholders for U.S. federal income tax purposes. As
previously announced, GE Vernova and GE Aerospace will host
investor days on March 6 and March 7, respectively, in New York,
NY. The management teams will present their growth strategies and
financial outlook and policies, as well as a showcase of its
innovative technologies.
Investors, media, and the general public are invited to learn
more about the pending spin-off at
https://www.ge.com/investor-relations/spinoff-resources. Future
updates to the Form 10 will be filed with the SEC and may be viewed
at www.sec.gov as filings under GE Vernova. The Form 10 filed on
February 15, 2024, is subject to change and will be made final
prior to the effective date.
Forward-looking Statements
This document contains forward-looking statements – that is,
statements related to future events that by their nature address
matters that are, to different degrees, uncertain. For details on
the uncertainties that may cause our actual future results to be
materially different than those expressed in our forward-looking
statements, including (1) our success in executing planned and
potential transactions, including our plan to pursue a spin-off of
GE Vernova, and sales or other dispositions of our remaining equity
interest in GE HealthCare, the timing for such transactions, the
ability to satisfy any applicable pre-conditions, and the expected
proceeds, consideration and benefits to GE; (2) changes in
macroeconomic and market conditions and market volatility,
including risk of recession, inflation, supply chain constraints or
disruptions, interest rates, perceived weakness or failures of
banks, the value of securities and other financial assets
(including our equity interest in GE HealthCare), oil, natural gas
and other commodity prices and exchange rates, and the impact of
such changes and volatility on our business operations, financial
results and financial position and (3) our capital allocation
plans, including de-leveraging actions to reduce GE's indebtedness,
the capital structures of the public companies that we plan to form
from our businesses with the planned spin-off, the timing and
amount of dividends, share repurchases, acquisitions, organic
investments, and other priorities, see
https://www.ge.com/investor-relations/important-forward-looking-statement-information,
as well as our SEC filings. We do not undertake to update our
forward-looking statements.
About GE
GE (NYSE:GE) rises to the challenge of building a world that
works. For more than 130 years, GE has invented the future of
industry, and today the company’s dedicated team, leading
technology, and global reach and capabilities help the world work
more efficiently, reliably, and safely. GE’s people are diverse and
dedicated, operating with the highest level of integrity and focus
to fulfill GE’s mission and deliver for its customers.
www.ge.com
About GE Vernova
GE Vernova is a planned, purpose-built global energy company
that includes Power, Wind, and Electrification businesses and is
supported by its accelerator businesses of Advanced Research,
Consulting Services, and Financial Services. Building on over 130
years of experience tackling the world’s challenges, GE Vernova is
uniquely positioned to help lead the energy transition by
continuing to electrify the world while simultaneously working to
decarbonize it. GE Vernova helps customers power economies and
deliver electricity that is vital to health, safety, security, and
improved quality of life. GE Vernova is headquartered in Cambridge,
Massachusetts, U.S., with more than 80,000 employees across 100+
countries around the world.
GE Vernova’s mission is embedded in its name – it retains its
legacy, “GE,” as an enduring and hard-earned badge of quality and
ingenuity. “Ver” / “verde” signal Earth’s verdant and lush
ecosystems. “Nova,” from the Latin “novus,” nods to a new,
innovative era of lower carbon energy. Supported by the Company
Purpose, The Energy to Change the World, GE Vernova will help
deliver a more affordable, reliable, sustainable, and secure energy
future. Learn more: GE Vernova and LinkedIn.
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version on businesswire.com: https://www.businesswire.com/news/home/20240215013744/en/
GE Investor Steve Winoker 617.443.3400
swinoker@ge.com
GE Vernova Investor Michael Lapides 631.662.4317
michael.lapides@ge.com
GE Media Mary Kate Mullaney 202.304.6514
marykate.nevin@ge.com
GE Vernova Media Adam Tucker 518.227.2463
adam.tucker@ge.com
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