GE Aerospace launches as independent company, invests $16M in Greenville plant

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GE Aerospace now stands on its own, and the company is investing millions in a South Carolina plant.

GE Aerospace has launched as an independent public company following the completion of the GE Vernova spin-off, according to a news release. GE Aerospace will trade on the New York Stock Exchange (NYSE) under the ticker “GE”.

“With the successful launch of three independent, public companies now complete — today marks a historic final step in the multi-year transformation of GE. I am tremendously proud of our team, their resilience, and their dedication to achieving this defining moment,” GE Aerospace Chairman and CEO H. Lawrence Culp Jr. said in the release.

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“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,” Culp Jr. said. “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 company also announced it will invest $650 million in its manufacturing facilities and supply chain this year to increase production and strengthen quality to better support its commercial and defense customers.

GE Aerospace will invest $16 million at its Greenville facility on high-precision equipment, machines and tooling to produce narrowbody and widebody aircraft engines, according to a news release.

The 2024 investment plan calls for nearly $450 million to go toward new machines, inspection equipment, building upgrades, and new test cells and safety enhancements at 22 GE Aerospace facilities across 14 states, according to the release. An additional $100 million will go to supplier partners based in the U.S.

The launch of GE Aerospace represents the completion of GE’s multi-year financial and operational transformation, according to the release. Over the last several years GE has taken steps to strengthen the business, including more than $100 billion in debt reduction since 2018.

Simultaneously, the company-wide implementation and adoption of lean and a relentless pursuit of continuous improvement enabled a deep and sustainable shift in culture, the release stated. This foundation enabled the creation of three independent companies – GE HealthCare, GE Vernova, and GE Aerospace.