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 Grid Solutions has signed a contract with transmission system operator TransnetBW to redesign and expand the Pulverdingen substation near Stuttgart, enhancing its capacity for greater power fluctuations. This long-term project aims to improve the security of the power supply in the region, with a completion target of 2033. Key upgrades include the installation of 26 bays of 380 kV air-insulated switchgear and improved transmission capacity. This initiative reflects GE's commitment to scalable power solutions and long-term partnerships in Europe's energy infrastructure.
Boom Supersonic has introduced Symphony, a new propulsion system for its Overture supersonic airliner, collaborating with industry leaders like FTT, GE Additive, and StandardAero. Symphony aims to provide an economically and environmentally sustainable supersonic experience, achieving net zero carbon emissions and compliance with Chapter 14 noise levels. The new engine is projected to enhance operating efficiency, increasing time on wing by 25% and reducing maintenance costs by 10%. Overture is on schedule for type certification in 2029, with production starting in 2024.
GE Digital announced the installation of its APM Reliability software at ELPEDISON's combined cycle power plants in Greece. This initiative aims to enhance reliability and reduce unplanned downtime by predicting equipment issues. ELPEDISON is the first energy producer in Greece to implement digital twin technology across an entire plant. This partnership solidifies GE's strategic relationship with ELPEDISON during a significant energy supply crunch in Europe, ensuring reliable power access. GE Digital is recognized as a leader in APM solutions, facilitating efficiency and sustainability in energy production.
GE announced a significant milestone as GE HealthCare prepares for its spin-off, set to complete after market close on Jan. 3, 2023, with public trading starting on Jan. 4, 2023. The company aims to be a global leader in precision care, focusing on innovation, optimization, and organic investment to drive revenue and margin growth. During an Investor Day in New York, executives discussed strategic priorities, medium-term financial targets, and the agility of being a standalone entity, projecting mid-single-digit organic revenue growth and strong free cash flow generation.
GE Grid Solutions has partnered with LineVision to introduce an integrated suite of Grid Enhancing Technologies (GETs) aimed at optimizing transmission systems. This collaboration will deliver Dynamic System Ratings (DSR), increasing transmission capacity while ensuring grid reliability. The urgency for grid optimization is highlighted by the need to triple grid capacity in the U.S. by 2035 and the $100 billion congestion costs incurred this year due to insufficient capacity. This partnership aims to facilitate the integration of renewables, reducing the costs of electricity while aiding in the transition to a net-zero grid.
GE has successfully utilized digital X-ray technology for the first time in Latin America to conduct a non-intrusive inspection of Petrobras' gas-insulated substation at the Abreu e Lima Refinery in Brazil. This innovative approach reduces equipment downtime for preventive maintenance by up to 75%, significantly minimizing operational impacts. GE's Grid Solutions team employed comprehensive methodologies, including dynamic contact resistance measurement and vibration analysis, to ensure essential maintenance recommendations. This milestone in substation maintenance optimizes risk management and enhances asset evaluation.
GE (NYSE:GE) has accepted approximately $7.0 billion in securities as part of its Tender Offer, with an Early Payment Date set for December 2, 2022. The offer was oversubscribed, with about $9.3 billion in principal amount validly tendered by the Early Participation Date. Holders of accepted securities will receive accrued interest, with amounts varying based on the series. The company implemented a proration factor of approximately 46.42% for securities with lower priority levels. Significant managerial resources have been engaged to handle the offer.
General Electric (GE) announced the spin-off of its healthcare division, GE HealthCare, set for January 3, 2023. Shareholders will receive one share of GE HealthCare for every three shares of GE held as of December 16, 2022. GE HealthCare will begin trading on Nasdaq under the ticker GEHC on January 4, 2023. The distribution will be conducted in a tax-efficient manner for U.S. shareholders. GE will retain up to 19.9% of GE HealthCare's shares post-spin-off, marking a significant milestone in GE's strategy to create independent, investment-grade companies.
The Board of Directors of GE (NYSE: GE) has declared a $0.08 per share dividend for common stockholders. This dividend is set to be paid on January 25, 2023, to those on record by the close of business on December 15, 2022. The ex-dividend date is December 14, 2022. This marks a consistent return for shareholders, reflecting the company's ongoing commitment to reward its investors.
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