Welcome to our dedicated page for GE Aerospace news (Ticker: GE), a resource for investors and traders seeking the latest updates and insights on GE Aerospace stock.
GE Aerospace, a segment of General Electric Company (NYSE: GE), is a global leader in the design, manufacture, and service of aircraft engines. Founded in 1892 and headquartered in Boston, GE has a rich history tied to American inventor Thomas Edison. While GE operates in multiple industries including power, renewable energy, digital industry, and additive manufacturing, GE Aerospace remains its core business.
With nearly 70,000 commercial and military engines installed worldwide, GE Aerospace generates significant revenue from the recurring service and maintenance of these engines. The company's partnership with Safran in their CFM joint venture further solidifies its leadership in aerospace propulsion.
Recent achievements for GE Aerospace include significant deals and technological advancements. Notably, GE Aerospace retained its portfolio of intellectual property related to aerospace and defense technologies after a definitive agreement with Dolby Laboratories to acquire GE Licensing. This acquisition, valued at $429 million and expected to close by the end of fiscal year 2024, highlights GE Aerospace's focus on its core aerospace and defense markets.
In another major development, GE Vernova's Onshore Wind business, a part of GE's power and renewable energy segment, announced a landmark deal with Pattern Energy. This deal involves the supply of 674 wind turbines for the SunZia Wind project, set to be the largest wind project in the Western Hemisphere. This project is a testament to GE's commitment to renewable energy and showcases its ability to deliver large-scale, high-efficiency projects.
Moreover, GE Aerospace continues to innovate with products like the 3.6-154 wind turbine, which incorporates advanced AI-trained blade manufacturing processes. This turbine is built to meet U.S. market needs and is part of GE's strategy to drive quality and reliability across its fleet.
Financially, GE Aerospace is robust, leveraging its longstanding expertise and extensive global network to maintain a strong market position. The company's continuous investments in technology, such as the new manufacturing assembly line for its Onshore Wind business in Schenectady, New York, reflect its commitment to enhancing American manufacturing and supporting climate change goals.
GE Aerospace's mission to define the future of flight and bring innovative solutions to the aerospace and defense sectors is backed by its substantial workforce of 52,000 employees globally. The company's operations aim to provide affordable, reliable, sustainable, and secure energy solutions, reinforcing its leadership in the industry.
Current has appointed Smart Lighting Solutions as the new representative for its HLI Brands Portfolio in Georgia. This partnership aims to enhance the specification of Current's advanced lighting and connected controls, recognized for their reliability. Smart Lighting Solutions, an established agency since 2014, operates two locations in North and South Georgia and focuses on delivering quality service in lighting systems. Current also plans to announce new representation in Northern Florida soon, indicating further growth opportunities.
GE Healthcare has established a long-term agreement with Sociedad Quimica y Minera de Chile S.A. (SQM) to secure a reliable supply of iodine, essential for contrast media in X-Ray and CT imaging. This partnership aims to address rising global demand, targeting an additional 30 million patient doses annually by 2025. As part of the investment plan, GE Healthcare will open a $30 million manufacturing line at its Cork, Ireland facility this week, enhancing production capabilities amidst a doubling expected in iodine contrast media demand over the next decade.
GE has officially filed the Form 10 registration statement for the spin-off of its healthcare division, GE HealthCare, marking a critical step in its transformation into three standalone companies. This move aims to enhance operational focus and capability in a rapidly growing $84 billion global medical technology market. GE anticipates the completion of this spin-off in the first week of 2023, retaining a 19.9% stake in GE HealthCare. The spin-off is expected to be tax-free for shareholders, allowing GE HealthCare to concentrate on precision health innovation and serve its customers more effectively.
Current has launched new NX Lighting Controls, offering scalable and contractor-friendly solutions for lighting management. These wireless controls facilitate easy installation and commissioning, accommodating both wired and wireless configurations. Key features include energy savings, code compliance, and improved occupant comfort. The NX mobile commissioning app allows for simple device setup, while larger systems can integrate with advanced programming via the NX software suite. This portfolio aims to enhance operational efficiency for contractors and building owners.
GE Digital has been recognized as a Leader for the second consecutive year in the Verdantix Green Quadrant for APM Solutions 2022. The analysis highlighted the company's APM software as superior among competitors, achieving the highest scores in asset integrity management, reliability analysis, and maintenance optimization. A recent study showed a five-year ROI of over 290% for users of GE Digital's APM software in the Oil & Gas sector. This recognition underscores GE Digital's capabilities during the energy transition, serving over 40,000 global APM users.
GE Healthcare has received US FDA 510(k) clearance for its AIR Recon DL technology, now extended to 3D and PROPELLER MRI imaging sequences. This enhancement improves image quality, reduces scan times, and elevates patient experiences across various MRI procedures. Already used in over 3.5 million scans globally, AIR Recon DL achieves better signal-to-noise ratios and shorter exam durations. It minimizes the necessity for repeat scans, particularly beneficial for patients vulnerable to motion. This upgrade is available for existing GE MRI systems, fostering cost-effective advancements in imaging capabilities.
Current, a leading manufacturer of advanced lighting, has launched a redesigned website, CurrentLighting.com, replacing the former Hubbell C&I Lighting site. This rebranding effort aims to enhance user experience with continuous improvements planned. The new site showcases Current’s HLI Brand portfolio, including notable brands and new additions like EXO and NX Lighting Controls. Users of the previous Hubbell site are encouraged to bookmark the new URL for innovative products and solutions.
Hyliion Holdings Corp (NYSE: HYLN) has completed the acquisition of the KARNO™ hydrogen and fuel-agnostic generator from GE Additive for $15 million in cash and approximately $22 million in stock. This generator will enhance Hyliion's Hypertruck powertrain platform, enabling a more versatile semi-truck solution. The acquisition includes integration of GE's engineering team into Hyliion’s operations, aiming to lower carbon emissions in the commercial trucking sector.
GE Digital has announced that China Airlines has integrated its Records Management System (RMS) into its Asset Records software to digitize and index maintenance records. This cloud-based solution aims to enhance documentation efficiency between the airline, lessors, and maintenance operations, aligning with Taiwan Civil Aviation Administration's regulations. The addition of RMS follows the successful implementation of the Asset Transfer System in 2021, which streamlines leased asset documentation. This move is expected to improve compliance, operational efficiency, and the overall passenger experience.
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