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.
GE Digital has partnered with Avelo Airlines to implement its Electronic Flight Operation Quality Assurance (eFOQA) solution, enhancing flight data monitoring for safety optimization. This collaboration aims to elevate operational efficiency and compliance with FAA safety programs. eFOQA Mainline, featuring over 10,000 analytics algorithms, provides actionable insights into flight safety while automating data processing, thereby reducing costs and time for airlines. The system is hosted on Microsoft Azure Cloud, ensuring security and scalability.
GE Aviation has been selected by Dassault Aviation to deliver the Primary and Secondary Electrical Power Distribution System for the new Falcon 10X aircraft. This next-gen system promises significant weight savings and enhanced flexibility for customer-specific configurations. GE will utilize its Electric Power Integration Center in Cheltenham, UK, for system testing and certification, aimed at minimizing development risks. The Falcon 10X is expected to enter service by the end of 2025, boasting a range of 7,500 nautical miles and a top speed of Mach 0.925.
GE Digital has launched the latest version of its Advanced Distribution Management Solution (ADMS), enhancing the management of electricity distribution grids. The updated software improves operational flexibility, outage response, and grid reliability through advanced algorithms and predictive analytics. Key features include improved Distribution Optimization, intuitive outage management, and real-time mobile operations, facilitating faster power restoration and effective communication between field crews and central operations. Notably, GE Digital's ADMS has been recognized as a leader in Navigant Research's ADMS Leaderboard.
Dell Technologies (NYSE: DELL) is partnering with GE (NYSE: GE) to enhance GE's IT infrastructure through the APEX as-a-Service model. This collaboration aims to streamline and scale IT operations across GE's 170 countries, driving automation and cost savings. The use of Dell's APEX Data Center Utility allows GE to adapt its resources to meet varying business demands, ensuring efficiency and predictability in expenses. The agreement supports GE's goal of simplifying its infrastructure while maintaining agility across diverse global operations.
GE Digital has announced that SAUDIA Airlines will implement its Aviation Software Asset Records solution. This contract enhances their partnership, focusing on operational efficiency and cost reduction. The cloud-based system enables airlines to manage maintenance records digitally, optimizing the transfer of assets between parties. SAUDIA expects benefits such as reduced management overhead and improved data accessibility. The solution also includes expert digitization services and integration with existing operational systems, facilitating a seamless transition to digital asset management.
GE Healthcare and SOPHiA GENETICS have signed a letter of intent to collaborate on enhancing cancer treatment by aligning therapies with patients' genomic profiles. This partnership aims to leverage GE's medical imaging and data aggregation with SOPHiA's AI-driven analytics. Their focus is on creating advanced solutions for clinical and biopharma markets, addressing the rising demand for data-driven medicine as cancer cases are projected to reach 29.5 million annually by 2040. The collaboration represents a significant step towards personalized cancer medicine.
On July 6, 2021, GE Healthcare and SOPHiA GENETICS announced a letter of intent to collaborate on enhancing cancer care. This partnership aims to integrate AI-powered analytics with the goal of personalizing cancer treatment based on patients' genomic profiles. Utilizing GE Healthcare's imaging capabilities and SOPHiA's cloud-based platform, the companies seek to eliminate data silos that hinder timely treatment. The growing demand for data-driven medicine underscores the importance of this initiative, particularly as cancer cases are projected to rise significantly by 2040.
GE Digital has joined the aviation Digital Alliance, initiated by Airbus and Delta TechOps in 2019, to enhance digital analytics within the aviation sector. This alliance aims to optimize cost savings and fleet efficiency for over 140 commercial operators using the Skywise Core platform. GE Digital will contribute its predictive analytics capabilities, improving cross-fleet diagnostics and maintenance decisions. This partnership is anticipated to foster stronger collaboration among maintenance control centers and engineering teams, revolutionizing airline operations and enhancing overall safety and efficiency.
The Board of Directors of GE has declared a dividend of $0.01 per share on its outstanding common stock. This dividend will be payable on July 26, 2021, to shareholders on record as of the close of business on June 28, 2021. The ex-dividend date is set for June 25, 2021. This move indicates the company's commitment to returning value to shareholders amidst ongoing operations.
GE Aviation and Safran have launched the CFM RISE program, targeting over 20% reduction in fuel consumption and CO2 emissions for future engines. The initiative aims for engines to enter service by the mid-2030s, ensuring compatibility with alternative fuels like Sustainable Aviation Fuels and hydrogen. The companies have also renewed their CFM International partnership until 2050, reaffirming their commitment to sustainable aviation. The program will leverage advanced technologies, such as hybrid electric systems and composite materials, aiming to revolutionize engine efficiency.
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