GE Completes Separation of GE HealthCare
GE HealthCare Hungary celebrated the occasion via special lighting at its Budapest center.
GE announced that it has completed the separation of its healthcare business, launching GE HealthCare Technologies Inc. (GE HealthCare), a global leader in Precision Care, according to a press release sent to the Budapest Business Journal.
GE HealthCare has been trading on Nasdaq under the ticker symbol "GEHC" since January 4.
“Today is an incredibly exciting day for GE HealthCare as we become an independent company and start a new chapter as a standalone global leader in precision care,” said GE HealthCare president and CEO Peter Arduini. “We are on the verge of true industry transformation as digital innovation reshapes how providers and patients experience our products and services, with an increased need for more precise, connected, and compassionate care.”
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, resulting in tax efficiency for GE shareholders in the United States.
GE is retaining approximately 19.9% of the shares of GE HealthCare common stock. Culp will serve as non-executive chairman of GE HealthCare.
GE HealthCare is present in more than 160 countries and employs around 51,000 people worldwide, supporting more than 1 billion patients every year. The company invests more than USD 1 billion annually in research and development and generates revenues of approximately USD 18 billion through more than 4 million healthcare devices installed in its four business segments - diagnostic imaging, ultrasound, patient monitoring, and molecular diagnostics.
GE HealthCare's presence in Hungary is also a European benchmark, with highly skilled engineers achieving outstanding results at its sites in Budapest, Szeged, and Páty, according to the press release.
"Hundreds of our employees in Hungary followed GE HealthCare's first step as an independent company online from our offices and their homes, as the bell rang to signal the opening of trading on the Nasdaq stock exchange. Building on our 100 years of technology and digital solutions, our colleagues are ready to continue to bring their expertise to help healthcare professionals make faster, more informed decisions," said Tamás Vámos, managing director of GE HealthCare Hungary.
"We are working in close collaboration with Hungarian academic, clinical and industrial institutions to increase our country's participation in global healthcare research, development and product manufacturing. We are proud of the role our domestic R&D and data science teams play within GE HealthCare and our achievements globally and locally. The innovative capabilities of our Hungarian researchers, developers and clinicians are well demonstrated by the fact that one of the company's largest Data Science teams is based in Hungary, using Artificial Intelligence and Deep Learning technology to help deliver faster and more effective diagnostic, treatment and patient care solutions," added Lehel Ferenczi, director of data and analytics at GE HealthCare Hungary.
In addition to innovative developments, sales, and service functions for the Central and Eastern European region, the Budapest center will provide the GE HealthCare EMEA (Europe, Middle East, and Africa) region with service center functions such as financial services, customer support, internal sales, and other administrative functions.
At the Regional Service and Refurbishment Center in Páty, the repair, refurbishment, and recycling of medical equipment is carried out. Their Hungarian technicians repair locally a wide range of GE HealthCare medical equipment from the European region.
Building on the expertise of service engineers supporting healthcare institutions in the region, GE HealthCare's European Training Center in Budapest trains hundreds of engineers every year, the press release notes.
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