The company’s health care unit, GE HealthCare, became a standalone company last year.
That leaves GE Aerospace as a newly independent company, continuing to use the familiar “GE” stock ticker on the New York Stock Exchange.
Shares of GE closed at $175.53 Monday.
Credit: AP
Credit: AP
“With the successful launch of three independent, public companies now complete, today marks a historic final step in the multi-year transformation of GE,” said GE Aerospace Chairman and Chief Executive Lawrence Culp Jr. “I am tremendously proud of our team, their resilience and dedication to achieving this defining moment. 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.”
The company has 10,500 employees total in Ohio and is a big Dayton-area employer.
GE Aerospace, based in Evandale, manufactures jet engines, components and systems for commercial and military aircraft. The company and its joint ventures have an installed base of more than 40,000 commercial and 26,000 military aircraft engines.
Last month, GE Aerospace announced that it is investing $650 million in its manufacturing sites and supplier partners this year. That includes $19.9 million at sites in the Dayton area and more than $127.3 million across sites in Ohio.
A spokeswoman for GE Aerospace said the company was planning an event at its Evendale complex to mark the closing bell of the NYSE trading day.
GE Aerospace has about 1,400 Dayton-area employees, with manufacturing and engineering sites in Vandalia, Beavercreek and on the University of Dayton campus. The company has about 300 employees at the University of Dayton-based EPISCenter (the Electrical Power Integrated Systems Center) alone.
With its new Beavercreek facility in the Miami Valley Research Park, GE Unison consolidated operations in what had been four buildings. About 400 people work at that building.
The company is also one of the biggest suppliers to military aviation, with a strong connection to Wright-Patterson Air Force Base, the heart of Air Force logistics and research work.
Based in Butler County’s West Chester Twp. is CFM International, a joint venture of GE and French company Snecma.
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