GE Aerospace, formerly known as GE Aviation, has officially become its own separate entity after being under the umbrella of General Electric since the late 1940s. This move comes as part of General Electric’s decision to break up and spin off several of its entities.
Executives at GE Aerospace are expecting the new company to achieve significant financial success, with projections of earning over $6 billion in operating profits and aiming for $10 billion by 2028. To support this growth, the company is investing over $100 million into its Evendale plant, which currently employs around 9,000 workers in the Tri-State area and another 1,500 workers near Dayton.
Company vice president, Mike Kauffman, expressed excitement about the company’s new independence and the local pride in being a leading aerospace corporation. Similarly, Brian Strunk, president of United Autoworkers Local 647, highlighted the importance of GE Aerospace’s headquarters being located in Evendale and the union’s commitment to ensuring the success of the site.
With this transition, GE Aerospace now joins other local companies on the prestigious Fortune 500 list, including Procter & Gamble, Kroger, Western & Southern, Fifth Third Bank, and Cintas. Despite becoming a standalone entity, GE Aerospace’s stock still carries the “GE” ticker on the market and closed at $136.48 a share on Tuesday.
Overall, this move marks a new chapter for GE Aerospace as it sets out on its own, poised for future growth and success in the aerospace industry.
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