General Electric readies spinoff of GE Vernova energy unit

It’s the beginning of the end, the final chapter of the 301. SCHENECTADY GE says it will spin off its GE Vernova energy unit into a standalone public company during the q2 of 2024. Is this the end of Schenectady seeing how profits are way down along with the revenue numbers.

The power business, which has been historically based at GE’s historic campus in downtown Schenectady, was rebranded GE Vernova, and it includes GE’s fossil fuel power plant equipment business, its renewable energy business, comprised of both offshore and onshore wind turbines, as well as its electric grid business that sells equipment such as transformers and substations to utilities.

Culp and other GE executives said Tuesday that GE Vernova’s financial results are starting to shine ahead of next year’s initial public offering after years of struggles.

“We’re now closing in on our final step, spinning off GE Vernova and launching GE Aerospace, following the successful spin-off of GE HealthCare earlier this year,” Culp said in a statement on Tuesday. “Our teams are building momentum.”

It’s the final steps to close the out dated campus.

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We are not going anywhere 273 has another 100 years in Schenectady. Nice try with fake news!

Rebuilding only to sell off.

Yes.

Any chance for a pension buyout once it’s spun off?

@1xwj+1pkC5lPI, hard to deal with folks like you who just spew untruth's, facts are GE Vernova HQ will be in Boston and the CEO will be there:

https://www.ge.com/news/press-releases/ge-vernova-selects-cambridge-ma-as-its-global-headquarters

@1xwj+1pkC5lPI- only in the near future will the shut down begin grasshopper. Verona is known to close places that do not produce. If you thought GE was bad just wait for the great restructure. Yes in the contract GE is investing millions into the campus because of the spin-off. Because it has to be a certain way. And the HQ will be in Boston where the taxes are lower than NY. Many big time investors are pulling out/moving out of NY with their trillions of dollars.

GE Vernova HQ will be in Boston.

https://www.timesunion.com/business/article/ge-readies-spinoff-ge-vernova-18446802.php

@OP+1pkC5lPI----Where do you get your opinions from? Because what you posted says nothing about the Schenectady Campus? The CEO of GE Vernova is going to be based in Schenectady NY. They are investing Millions of dollars into the campus. They have plans to invest even more. The "Spin-Off" company will not be noticeable to the common persons, workers, investors or area residents. Its not a NEW company coming in to take over the group that makes up Vernova. If people would stop the BS more people may be interested in being a part of something that is rebuilding itself up. Factually, the only part of GE Vernova business's that isnt making money right now is Offshore Wind. So when you decide to make a public post, make sure you have your facts in line before doing so.

And?

Thread regarding General Electric Co. layoffs

General Electric readies spinoff of GE Vernova energy unit

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