The move follows completion of the GE Vernova spin-off.
NEW YORK—GE Aerospace officially launched as an independent public company in April, following the completion of the GE Vernova spin-off, the company said in a release.
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.
“Building on a century of learning and carrying forth GE’s legacy of innovation, GE Aerospace moves forward with a strong balance sheet and greater focus to invent the future of flight, lift people up, and bring them home safely,” GE Aerospace Chairman and CEO H. Lawrence Culp Jr., said in the release. “With Flight Deck, our proprietary lean operating model, as our foundation, I am confident we will realize our full potential in service of our customers, employees, and shareholders.”
The launch of GE Aerospace represents the completion of GE’s multi-year financial and operational transformation. Over the last several years GE has taken steps to significantly strengthen the business, including more than $100 billion in debt reduction since 2018, the company said.
Simultaneously, the company-wide implementation and adoption of lean practices, and a relentless pursuit of continuous improvement in service of the customer, are said to have enabled a deep and sustainable shift in culture. The shift created a stronger foundation that enabled the successful creation of three independent companies—GE HealthCare, GE Vernova, and GE Aerospace. Each are now “well-positioned to build upon GE’s history of innovation,” the company said.