General Electric Company (GE) is a large American multinational industrial and technology corporation incorporated in New York and currently headquartered in Boston operating in the aerospace healthcare renewable energy digital technology investment and finance sectors.
About General Electric Company
- It was founded in New York in 1892 by the American scientist Edison who invented the light bulb General Electric (founded in 1878) along with two other electric companies.
- General Electric was ranked on the 2011 Fortune 20 list as the 14th most profitable company. However its earnings have collapsed by about 75%.
- In 2019 it was ranked 21st on the Fortune 500 list of the largest US companies by total revenue.
- The Nobel Prize winners from General Electric are Irving La Nejmeyer (1932) and Iver Jaber.
A glimpse into the history of General Electric
- Thomas Edison had business interests in several companies related to electricity during 1889. These included the Edison Lamp Company of New Jersey the Edson Machine Works a large manufacturer of electric motors in New York and the Schenectady Company a company of power outlets and electric lighting equipment The other was Bergman & Co. Edison Electric Company with patents and a financial arm backed by John Pierpont Morgan and the Vanderbilt family.
- In 1889 Drexel Morgan & Co. (founded by John Pierpont Morgan and Anthony Joseph Drexel) Edson researched and helped him merge these companies into one forming Edson General New York
- On April 24 1889 the new company acquired the “Sprague Electric Railway and Motor Company” in the same year.
A glimpse into the history of General Electric Edison General Electric and Thomson-Houston Electric Company
- In 1880 Gerald Waldo Hart founded the American Electric Company of New Britain which a few years later merged with the Thompson-Houston Company led by Charles Coffin and in 1887 Hart resigned from Kansas City Missouri as director of the Edison Electric Company.
- General Electric was formed in 1892 by the merger of Edison General Electric and the Thomson-Houston Electric Company with support from Drexel Morgan & Co.
- Both manufacturers continued to operate under the General Electric (“GE”) banner.
- The company was incorporated in New York and was headquartered in the Schenectady plant. Then it was established under the name of “General Electric Canada”.
- In 1893 Rudolf Eckmayer was acquired by General Electric acquiring all of his patents and designs and developed the power transmission transformer under the leadership of Charles Proteus Steinmetz.
A glimpse into the history of General Electric Edison General Electric and Thomson-Houston Electric Company Listed companies
- In 1896 GE was one of the original 12 companies in the newly created Dow Jones Industrial Average and has been added to it on and off for 122 years. [Twenty-two]
- GE absorbed the National Lamp Association into its lighting business in 1911. GE also located its lighting division headquarters in Neela Park east of Cleveland. [twenty three]
A glimpse into the history of General Electric Edison General Electric and Thomson-Houston Electric Company Listed companies Radio and television
- Irving Young founded Radio America in 1919 as a subsidiary of General Electric after acquiring the Marconi Wireless Company of America. His goal was to expand international wireless communications.
- GE used Radio America as its retail arm for radio sales.
- In 1926 the National Broadcasting Corporation was founded two broadcast networks were established and in 1930 General Electric decided to withdraw from ABC after being accused of monopoly and ABC became an independent company.
- Ernest Alexander gave his first television show in 1927 at his home in Schenectady New York.
- and posted it on W2XAD on January 13 1928.
- The American public made its first broadcast and four General Electric executives watched a 9.7-inch screen in their home. Square Centimeter,” on GE’s JY radio station
- The experimental station W2XAD evolved into GE’s WRGB which ran until 1983.
A glimpse into the history of General Electric Edison General Electric and Thomson-Houston Electric Company Listed companies Radio and television Power generation
- Under the leadership of Sanford Alexander Moss GE entered the field of “aircraft superchargers,” a technology that led to the development of industrial gas turbine engines for power generation
- General Electric launched the first supercharger series in World War I and developed it for them during both world wars.
- The supercharger became indispensable in the years leading up to World War II. Furthermore GE supplied 300,000 superchargers for fighter and bomber engines which the US Air Force selected to develop the nation’s first supercharger during the war.
- General Electric developed the Whitley W. Engine manufacturers more than the British holding company Rolls-Royce.
- In the 1980s and 1990s the company saw consumers boycott its light bulbs refrigerators and other products in protest of its role in the production of nuclear weapons.
- In 2002 when General Electric filed for bankruptcy protection at the same time it acquired the assets of wind power company Enron
- The only US company that built large wind turbines at the time General Electric increased the wind power sector’s annual budget by a factor of two.
- Sales were $1.2 billion. Scanwind was acquired in 2003 and in 2009.
- General Electric Power gained mediattention in 2018 when it shut down a Texas Model 7HA gas turbine for two months after a turbine blade was broken.
- Turbine operation General Electric has developed new protective coatings and heat treatment methods.
- Gas turbines are an important component and the generator fleets of many US utilities make up a large portion of GE Power’s revenue.
- Other turbines at Chubu Electric Power were affected. and Electric France which GE didn’t realize the problem was affecting HA’s new unit.
A glimpse into the history of General Electric Edison General Electric and Thomson-Houston Electric Company Listed companies Radio and television Power generation computing
- The Electric Company was a major computer company in the 1960s with a range of general-purpose and special-purpose computers. Including the GE 200 EGE 600 and GE 600 general purpose computers. 4010 GE4020 and GE4060.
- The Electric Company began developing the GECOS operating system in 1962 initially for batch processing. It later expanded to include time sharing and transaction processing. It continued until 1985.
- Electric Corporation entered the computer industry in the 1950s because it was the largest computer user outside of the United States federal government and was the first computer company in the world to own a large computer plant “the first non-state computer park site”
- General Electric left the computer industry in 1970 by selling its computer division to Honeywell.
- In 2000 United Technologies planned to acquire Honeywell and GE made a counter offer which Honeywell accepted.
- On July 3 2001 the European Union issued a statement “prohibiting GE’s acquisition of Honeywell due to concerns about its market dominance.”
- On June 27 2014 GE teamed up with joint design firm Quirky to release an LED light called “Link” designed to communicate with smartphones and tablets using a mobile app called Wink.
General Electric acquisitions
- In December 1985 Electric Corporation bought Radio America (primarily NBC) for $6.28 billion the largest non-petroleum acquisition in global business history at the time.
- In 1986 General Electric bought the stock company Kidder Peabody & Partners and sold it at a loss to Pine Weber in 1994.
- In 2002 Francisco Partners and Norwest Venture Partners acquired GE Information Systems headquartered in Gaithersburg Maryland. Where GE retained a minority stake in the same year that GE Wind Energy was created.
- It acquired wind turbine manufacturing assets from Enron Wind Power in the wake of the Enron scandal.
- In 2004 GE acquired an 80% stake in Vivendi Universal Entertainment the parent company of Vivendi’s Universal Pictures and a 20% stake in Vivendi.
- Genpact formerly known as General Electric Capital International Service was founded in late 1997 and in 2005 General Electric sold its 60% stake in Genpact to General Atlantic and Oak Hill Capital Partners and turned Genpact into an independent company.
GE acquires Smith Aerospace
- To this day GE remains a major customer for Genpact in customer service finance IT and analytics.
- In 2007 GE acquired Smith Aerospace for $4.8 billion.
- GE Energy acquired Vitco Gray for $1.9 billion and Haderell Brecher & Control in 2008 for $1.1 billion.
- GE Plastics was sold to Saudi Basic Industries Corporation (SABIC) in 2008 after GE announced it was considering options to separate its consumer and industrial businesses.
- On December 3 2009 General Electric and cable operator Comcast announced that “NBC International” would become a joint venture between them. Where Comcast would have a controlling interest in the company and GE would retain 49% of the shares in a “57%” stake sale.
- NBC International has been sold to GE for $5.8 billion and Vivendi will sell its 7.66% stake in NBC International. If the GE and Comcast deal had not been closed by September 2010 the $2 billion value of General Electric would be $2 billion to sell at the end of the period and the remaining 12.34% would be $3.8 billion.
2010 to the present
- On March 1 2010 GE announced that it would sell its 20.85% stake in Turkish Bank Garanti. While GE Healthcare signed a strategic partnership in August 2010 to bring in cardiovascular computed tomography (CT) technology
- In October 2010 General Electric acquired Dresser a gas engine manufacturer for $3 billion.
- It works in data migration and industrial migration and in December 2010 it also acquired oil pipeline manufacturer Wellstream for £800m ($1.3bn)
- In March 2011 General Electric announced that it had acquired Lineage Holdings from Juris Group.
- In April it completed the acquisition of the well support division of John Wood Plc for $2.8 billion.
- That same year GE Capital sold its Mexican assets to Banco Santander for $162 million and left the Mexican operations.
- In June 2012 General Electric CEO and Chairman Jeff Immelt stated that the company would invest $3 billion to accelerate its operations in Karnataka.
GE Electric acquisition
- In October 2012 GE Electric acquired seven deposits from GE Bank in Karnataka.
- On March 19 2013 Comcast purchased General Electric’s stake in NBC International for $16.7 billion. The result is its long-term holdings of $2.98 billion in television and film media.
- In April 2014 General Electric negotiated the acquisition of the global energy division of French engineering group Alstom for approximately $13 billion.
- Siemens and Mitsubishi Heavy Industries submitted a joint competing bid in June 2014.
- To buy Alstom Gas for 3.9 billion euros Mitsubishi Heavy Industries proposed. This to create a steam turbine joint venture and pay an additional 3.1 billion euros in cash.
- In June 2014 GE officially made a $17 billion takeover bid. It was then approved by Alstom management which involved the French government buying a 20% stake in Alstom to help secure France’s energy transportation and heavy industry interests.
General Electric acquired Capital One’s financial services business
- It is scheduled for completion in 2015 while Electric announced in October 2014 that it is considering selling BBH to Polish banks.
- In the same year it announced that General Electric planned to open a new business for its centenary.
- It officially opened in October 2016 as a multi-functional Shared Services Electric Company. Therefore the center supports the company’s financial and accounting affairs resources human resources and information technology
- Also supplies and legal and commercial operations and it is one of the 4 places for the many and common services of the functions of the Electric Company.
- all over the world. Located in the Chinese city of Pudong Hungary’s Budapest and Mexico’s Monterrey.
- In April 2015 GE announced its intention to sell its $26.5 billion real estate portfolio to Wells Fargo and Blackstone.
- In April 2015 it announced it would sell most of its financial arm and return $90 billion to the joint venture. Seeking to sell its shareholders for $90 billion. Banking and manufacturing.
- In August 2015 Capital One acquired the healthcare financial services business from GE Capital for $9 billion.
- Also in August 2015 it agreed to sell its online depository platform “GE Capital Bank” to Goldman Sachs. But on undisclosed terms as a “systemically important financial institution”.
- In September 2015 GE Capital agreed to sell its Transportation Finance unit to Bank of Montreal of Canada. It consists of $8.7 billion (CAD 11.5 billion) in assets 600 employees and 15 offices in the United States and Canada.
- Transactions will be based on asset values at closing. In October 2015 activist investor Nelson Peltz-Trian bought a $2.5 billion fund in the company.
Haier Group’s acquisition of General Electric’s appliance division
- In January 2016 Haier Group acquired the appliance division of Electric Corporation for $5.4 billion.
- In October 2016 GE Renewable Energy agreed to pay Doughty Hanson & Partners €1.5 billion for wind power in 2017.
- GE then began talks to merge GE Oil and Gas with Baker Hughes in a deal. It may be worth about $30 billion. This to create a publicly traded entity controlled by General and will sell a water company in the electricity water treatment business deal
- As the transaction was completed on July 3 2017 in November 2018 Electric reduced its stake in Baker Hughes to 50.4%
- But in 2019 on October 18 2018. the holding was again reduced to 36.8%
- In April 2017 Electric announced a new corporate headquarters called “GE Invention Point”. It is a 2.5-acre site at a cost of $200 million.
- In May 2017 Electric signed a $15 billion business deal with Saudi Arabia. Saudi Arabia is one of Electric’s largest customers.
- In September 2017 it announced the sale of its subsidiary Industrial Solutions to ABB.
allegations of fraud
- On August 15 2019 notorious financial fraud investigator Harry Markopoulos was charged with uncovering a Ponzi scheme.
- It was also run by Bernard Madoff an electric company that it described as “bigger than Enron”.
- But on October 6 2020 Electric reported that it had received a notice from the Securities and Exchange Commission. Because the SEC will take action against her for potential violations of securities laws.
- Also the market value of Electric is the second largest company in the world after Exxon Mobil.
- The company then manufactures electrical and electronic equipment plastics aircraft engines medical imaging equipment and financial services.
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