GE Aerospace (NYSE: GE) on April 02, 2024, announced its official launch as an independent public company defining the future of flight, following completion of the GE Vernova spin-off.

With an installed base of approximately 44,000 commercial engines and approximately 26,000 military and defense engines around the world, GE Aerospace launches as an established global leader in propulsion, services, and systems.

The company generated approximately $32 billion in adjusted revenue in 2023, with 70 percent generated by services and the strong economics of the engine aftermarket.

GE Aerospace also announced that it is investing $650 million in its manufacturing sites and supplier partners — including $16 million at its site in Greenville, South Carolina.

The investment will go for high-precision equipment, machines and tooling to produce parts used in narrowbody and widebody aircraft engines.

"These investments in technology advancements give us the ability to increase production capacity and reduce lead time for parts in some of the most in-demand commercial jet engines. The investments couldn't come at a better time as GE Aerospace becomes an independent company," said Chris Ubillus, site leader for GE Aerospace Greenville.

GE Aerospace and its partner engines power three out of every four commercial flights around the world and two-thirds of U.S. military aircraft.

Officials said GE Aerospace continues to see strong demand from its military and commercial customers for new engines and to maximize the availability of engines in operation. 

The launch of GE Aerospace represents completion of GE’s multi-year financial and operational transformation.

Over the last several years GE has taken steps to significantly strengthen the business, including more than $100 billion in debt reduction since 2018.

Officials said the stronger foundation enabled the successful creation of three independent companies – GE HealthCare, GE Vernova, and GE Aerospace – each of which are now well-positioned to build upon GE’s history of innovation.