General Electric (NYSE:GE) shares gained ground as its spinoff, GE HealthCare Technologies, begins trading as a separate company on the S&P 500 Wednesday. GE, in 2021, revealed plans to break up into three companies so it can focus on its aviation business. It plans to spin off its energy segment in 2024.
The stock will trade under the symbol under the ticker symbol “GEHC” effective at the market opening today. GE HealthCare will be the first company in the state of Wisconsin to remotely ring NASDAQ’s opening bell. Its leadership team will be joined by employees in person and virtually from around the world at the Company’s manufacturing facility in Waukesha, Wis.
“Today is an incredibly exciting day for GE HealthCare as we become an independent company and start a new chapter advancing our position as a global leader in precision care,” said GE HealthCare CEO Peter Arduini.
“We are 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.”
GE HealthCare launches with a presence in more than 160 countries and approximately 51,000 employees worldwide serving more than one billion patients a year.
GE shares tailed off in Wednesday’s first hour by $17.45, or 20.5%, to $67.53.
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