by
John R. Fischer, Senior Reporter | July 19, 2022
GE Healthcare will become GE HealthCare following spin-off and will have a new brand color.
Following its planned spin off in early 2023, GE Healthcare will be stylized GE HealthCare to reflect its new brand as an independent company. It will be listed on the Nasdaq Global Select Market stock exchange under the ticker symbol, “GEHC.”
The rebranding will retain the original GE monogram, but comes with a new color called "compassion purple" to differentiate it from other GE brands and to reflect more humanity and warmth.
The company is also spinning off its energy businesses under one company, GE Vernova, and its aviation business as GE Aerospace. Both will have new colors as well, and all three companies will have greater focus on their core markets, be better able to allocate capital, and have strategic flexibility for long-term growth and value, according to chairman and CEO H. Lawrence Culp Jr.
“For healthcare, the global prominence and established reputation of a current GE Healthcare business name, in addition to the familiarity and trust that billions of patients around the world have in the name, meant that keeping the name as is made the most sense from both a customer and business standpoint,” he said in a video interview.
GE
announced in 2018 its intention to spin off its healthcare division, saying it would cut down on debt and simplify its structure following losses the previous year.
The company
confirmed in November 2021 that the spin off would take place in 2023, with GE retaining a 19.9% stake. Heading it will be Peter Arduini as president and CEO, with Culp serving as nonexecutive chairman.
The decision is expected to
make GE HealthCare more nimble and adaptable to market changes, especially in the fast-paced, diagnostic imaging equipment market, due to the growing influence of AI and more competition from startups and established players. It will be better able to address aging population needs, healthcare concerns in developing nations, and the COVID-19 pandemic.
As a stand-alone company, GE HealthCare will also be able to move faster and have more capital to acquire companies and technologies. The company has more than four million product installations that are used in more than two billion patient exams a year.
