GE HealthCare Technologies Inc. has completed its spin-off from General Electric Co. and begins its trading on the Nasdaq Stock Market Wednesday.

Chicago-based GE HealthCare (Nasdaq: GEHC) will immediately become part of Standard & Poor's index of 500 key companies that forms one of the world's most well-known stock indexes. It replaces Vornado Realty Trust on that index.

GE's (NYSE: GE) board of directors approved the spin off of its health care division — known for making medical equipment like ultrasound machines — in late November. It's the first of the three stand-alone companies the Boston conglomerate plans to split its business into by 2024.

GE HealthCare will be the first company in Wisconsin to remotely ring Nasdaq’s opening bell, according to the company. Its leadership team will be joined by employees in person and virtually from around the world at the company’s manufacturing facility in Waukesha, where it has significant operations. The company employs 5,200 in Wisconsin, according to updated figures provided by the company.

GE HealthCare launches with a presence in more than 160 countries and approximately 51,000 employees worldwide serving more than one billion patients a year. The company said it invests more than $1 billion in R&D annually and generates about $18 billion in revenue, with an installed base including more than 4 million pieces of equipment across its four business segments – Imaging, Ultrasound, Patient Care Solutions and Pharmaceutical Diagnostics.

Holders of GE common stock received one share of GE HealthCare common stock for every three shares of GE common stock held. The distribution was part of a tax-free spin-off, GE said.

GE is retaining approximately 19.9% of the shares of GE HealthCare common stock. Peter Arduini is president and CEO of GE HealthCare. H. Lawrence Culp Jr., chairman and CEO of GE and CEO of GE Aerospace, will serve as non-executive chairman of GE HealthCare.

https://www.bizjournals.com/milwaukee/news/2023/01/04/ge-healthcare-spinoff.html