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General Electric, one of the founders of Thomas Edison and which was the world’s largest company for many years before the era of internet giants, is establishing 3 new companies with the spin-off method as of 2023. Nabil Habayeb, Vice President and International (non-US and European) Markets President and CEO of the 130-year-old industrial giant, told the WORLD about GE’s plans to establish three separate companies.
Habayeb said, “The current priorities for all governments and all geographies are our work,” and said that they will make health services more accessible and of higher quality by using the power of post-pandemic data with GE HealthCare; He stated that they will focus on green transformation with GE Vernova, and that they shape the future of flight at GE Aerospace. “We are focused on the jobs that are most critical to governments and people. Regardless of the economic or political conditions, these are the areas where governments need to find solutions. Health and energy crises bring new collaborations in all three areas. With these spin-offs, we will be closer to the customers and the market, and the new structuring will bring the voice of the market to us,” said Nabayeb, adding, “Yes, the global economic outlook is challenging. But we will help the world function better.”
Total market capitalization of approximately 85 billion dollar The reason why GE, which is around the world, announced its brand names long before the spinoff, is to be able to carry its existing brand value to new companies.
HEALTH – GE HealthCare
Personalize treatments with the power of data
In the GE HealthCare spin-off, which is expected to be completed in early 2023, the focus is on making healthcare treatments more ‘personalized’ with technologies such as artificial intelligence and data analytics. GE HealthCare, whose logo is purple, will be traded as a separate company on the Nasdaq with the code GEHC.
ENERGY – GE Vernova
It will support the exit from the energy bottleneck
Taking its name from the Latin words meaning ‘New Green’ and with its spin-off expected to take place in 2023 or 2024 and beyond, GE Vernova will focus on the ‘energy transformation’ and help governments and companies achieve their green transformation goals. The color of the logo is green, emphasizing the field of activity. Habayeb stated that they are looking at how they can help countries with high energy bills such as Turkey in their energy transformation, and that the decarbonization technology and solutions for this transformation will be provided by GE Vernova.
AVIATION – GE Aerospace
Shaping the future of flight
The logo of GE Aerospace, the third company that will focus on the ‘future of flight’ in military and commercial aviation, also took its color (‘atmosphere’ blue) from the sky. The company, which also cooperates with NASA, will try to make aircraft engines more efficient and make flight activities more environmentally friendly. According to the information provided by Habayeb, research on aircraft that can fly with hydrogen and electric energy has also started.
Share of non-US markets reached 60%
Stating that 60 percent of GE’s total revenues came from the USA in 2000 and 40 percent was in foreign markets, Habayeb said, “This situation has been reversed. 40 percent of the turnover is from the USA, the rest is from other markets”.
Will be ‘carbon neutral’ by 2030
By 2030, GE aims to be ‘carbon neutral’ in its operations by applying all sustainability products and technologies to its own facilities. Another ambitious goal of the company for 2050 is to become a ‘net zero’ emission company, in other words, that all the products and services it offers contribute to the ‘net zero’ target of customers’ carbon emissions.
“We have activities in 3 fields in Turkey”
Being Turkey’s first foreign investor and operating since 1948, GE has production in all three fields of activity in Turkey. Habayeb, President of International Markets, said, “Our travels have been disrupted since the beginning of the pandemic and Turkey is one of the first places I came to after the pandemic because GE Turkey is extremely important in our organization. We have operations in Turkey in all three fields of activity of the new companies.”
Habayeb continued: “Renewable energy We have wind turbine production in İzmir. We produce aircraft engine parts in the field of aviation. We have a facility in Gebze that operates with network solutions and has become an export record holder. We also do a lot of work in the healthcare industry. Our cooperation is very successful and I am proud of our Turkish employees. Although Turkey is going through economic difficulties, our Treasury department, like many economies in the world, provides hedges by country and works very well to avoid disruptions in our supply chains; We can manage our operations.”