GE has completed the separation of its healthcare business, launching GE HealthCare Technologies Inc. (GE HealthCare).
Chairman and CEO, GE and CEO, GE Aerospace, H. Lawrence Culp Jr. said, “The successful spin-off of GE HealthCare marks a pivotal moment in our transformation into three independent companies focused on critical, growing sectors. I am tremendously proud of the GE and GE HealthCare teams for their work to prepare this great business to stand on its own as an industry-leading, investment grade company focused on precision care.”
“We’re on track and confident in our plans to unleash the potential of GE Aerospace and GE Vernova as separate companies in early 2024. These two global leaders are creating a smarter, more efficient future of flight and driving decarbonisation to address the energy transition.
“With lean and innovation at our core, we could not be more excited about the future,” he said. Holders of GE common stock received one share of GE HealthCare common stock for every three shares of GE common stock held.
The distribution was part of a tax-free spin-off, resulting in tax efficiency for GE shareholders in the United States.
GE is retaining approximately 19.9 percent of the shares of GE HealthCare common stock. Culp will serve as non-executive chairman of GE HealthCare.