General Electric sets details on healthcare division spin-off
General Electric announced details of its healthcare division spinoff plan early in the new year.
The company about to be listed is being valued at about $31 billion, according to the Wall Street Journal.
Existing GE shareholders will receive a share in GE HealthcareCare Technologies Inc. new for every three shares they hold.
The split is set for January 3 after the market closes and the new shares will be traded on Nasdaq under the symbol GEHC.
GE TARGET FOR HEALTH CARE COMPANY EARLY JANUARY
GE HealthCare makes MRI machines and other medical devices and has about $18 billion in annual sales, compared with GE’s $74.2 billion in 2021.
CEO Larry Culp of GE will be the non-executive chairman of the new board, and GE HealthCare CEO Peter Arduini will also serve as director.
General Electric first announced plans in November 2021 to spin off into three separate public companies by early 2024.
GE Announces New COMPANY BRANDS BEFORE HISTORY CHANGE
follow wellness spinoff, it plans to separate its aerospace business from its energy and renewable energy units.
Of the company portfolio of energy businesses — GE Renewable Energy, GE Power, GE Digital, and GE Energy Financial Services — to be spun off in early 2024 under the name GE Vernova.
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After the spin-offs, GE will become an aeronautical-focused company called GE Aerospace.