“Stocks for GE Vernova will begin trading on the New York Stock Exchange next month after the General Electric Co. Board of Directors on Thursday officially approved the previously announced spin-off.
GE Vernova will officially become its own entity on April 2, more than two years after the one-time conglomerate announced plans to splinter into three companies focused on aviation, health care and energy sectors. GE was founded in 1892 by Thomas Edison and was headquartered in Schenectady for decades.
Vernova will focus on renewable energy and maintain operations in downtown Schenectady, where on-shore wind turbines are currently being constructed. The company will be headquartered just outside of Boston, Massachusetts.
Following the completion of the spin-off GE will begin operating at GE Aerospace.
“Today’s announcement clears the way for the historic launches of GE Vernova and GE Aerospace, completing our transformation into three independent, investment-grade industry leaders,” said Lawrence Culp Jr., the GE chairman and CEO of GE Aerospace.
GE shareholders will not be required to do anything to receive Vernova shares. Shareholders will receive one Vernova share for every four shares of GE common stock held on March 19.
Those who hold GE stock will continue to maintain their shares under the GE Aerospace name.
GE stocks have been on the rise this year, growing to $158 per share as of Friday, a 25% increase since the new year began”
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Arnold, Chad. Schenectady Daily Gazette 3 March 2024.
*Will the county benefit from energy while Duanesburg suffers from installation of land intensive energy resources?
*Was eminent domain a treat for expansion of the substation at road? LS Power public hearing March 2020. Cassey Carrol, Anthony Belsito, Noreen Chaudari.