USA – GE has announced its successful spin-off of GE HealthCare into a healthcare-focused business, effective January 4, 2023.
In an official statement, the company said that it has completed the separation of its healthcare unit, launching GE HealthCare Technologies Inc. (GE HealthCare), a global leader in Precision Care.
“This precision care strategy enables insights that help clinicians diagnose diseases and determine the most appropriate treatment – delivering the best possible outcome for the patient,” GE highlighted.
The multinational giant further said that GE HealthCare will trade on the Nasdaq Stock Market LLC (Nasdaq) under the ticker symbol “GEHC” while GE will continue to trade on New York Stock Exchange (“NYSE”) under ticker “GE”.
“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,” the company outlined.
The conglomerate explained that the spinoff of GE HealthCare was achieved by GE’s pro rata distribution of approximately 80.1% of the outstanding shares of GE HealthCare to GE shareholder.
GE further disclosed that it is retaining approximately 19.9 percent of the shares of GE HealthCare common stock.
In addition, the global company disclosed that H. Lawrence Culp Jr., Chairman and Chief Executive Officer (CEO) of GE and CEO, GE Aerospace, will serve as non-executive Chairman of GE HealthCare.
GE Chairman H. Lawrence Culp Jr. said: “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.”
He underscored that GE separation of GE HealthCare marks a pivotal moment in its transformation into three independent companies focused on critical, growing sectors.
“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,” said Culp.
He explained that the two global leaders are creating a smarter, more efficient future of flight and driving decarbonization to address the energy transition, adding that with lean and innovation at GE’s core, they could not be more excited about the future.
Culp observed that GE is on the verge of true industry transformation as digital innovation reshapes the experience of patients and providers with an increased need for more precise, connected, and efficient care.
“GE HealthCare colleagues worldwide are united in our purpose to create a world where healthcare has no limits, and we look forward to delivering for providers, patients, and shareholders in the years ahead.” he concluded.
For all the latest healthcare industry news from Africa and the World, subscribe to our NEWSLETTER, and YouTube Channel, follow us on Twitter and LinkedIn, and like us on Facebook.
