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General Electric
From Wikipedia, the free encyclopedia
| General Electric Co. | |
|---|---|
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| Type | Public (NYSE: GE) |
| Founded | 1878 in Menlo Park, New Jersey |
| Founder | Thomas Edison |
| Headquarters | Fairfield, Connecticut,[1] USA |
| Key people | Jeff Immelt, Chairman & CEO Keith Sherin, Vice Chairman, CFO |
| Industry | Conglomerate |
| Products | Aircraft Jet Engines Electricity Entertainment Finance Gas Turbine Generation Industrial Automation Lighting Medical Imaging Equipment Medical Software Motors Plastics Railway Locomotives Wind Turbine |
| Revenue |  US$163.391 billion (2006)[2] |
| Net income | US$20.829 billion (2006)[3] |
| Employees | ~319,000 (2006) |
| Subsidiaries | GE Commercial Finance GE Industrial GE Infrastructure GE Money GE Healthcare NBC Universal (80%) |
| Slogan | Imagination at Work |
| Website | http://www.ge.com |
The General Electric Company, or GE (NYSE: GE) is a multinational American technology and services conglomerate incorporated in the State of New York.[4]. In terms of market capitalization, GE is the world's second largest company and also second in the BrandZ ranking. In the 1960s, aspects of U.S. tax laws and accounting practices led to a rise in the assembly of conglomerates. GE, which was a conglomerate long before the term was coined, is arguably the most successful organization of this type.
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In 1876, Ohio-born Thomas Alva Edison opened a new laboratory in Menlo Park, New Jersey. Out of the laboratory came arguably the most famous invention of all—a practical incandescent electric lamp. By 1890, Edison had organized his various businesses into the Edison General Electric Company.
In 1879, Elihu Thomson and Edwin J. Houston formed the rival Thomson-Houston Electric Company. It merged with various companies and was later led by Charles A. Coffin, a former shoe manufacturer from Lynn, Massachusetts. Mergers with competitors and the patent rights owned by each company made them dominant in the electrical industry. As businesses expanded, it became increasingly difficult for either company to produce complete electrical installations relying solely on their own technology.
In 1892, these two major companies combined, in a merger arranged by financier J. P. Morgan, to form the General Electric Company, with its headquarters in Schenectady, New York.
In 1896, General Electric was one of the original 12 companies listed on the newly-formed Dow Jones Industrial Average and still remains after 111 years (it is the only one of the original companies remaining on the Dow — though it has not always been in the DOW index).
In 1911 the National Electric Lamp Company (NELA) was absorbed into General Electric's existing lighting business. GE then established its lighting division headquarters at Nela Park in East Cleveland, Ohio. Nela Park was the world's first industrial park, and was added to the National Register of Historic Places in 1975, and is still the headquarters for GE's lighting business.
The Radio Corporation of America (RCA) was founded by GE in 1919 to further international radio.
General Electric was one of the eight major computer companies through most of the 1960s - with IBM, the largest, called "Snow White" followed by the "Seven Dwarfs": Burroughs, NCR, Control Data Corporation, Honeywell, RCA, UNIVAC and GE. (There was also Scientific Data Systems, much smaller than the seven dwarfs). GE had an extensive line of general purpose and special purpose computers. Among them were the GE 200, GE 400, and GE 600 series general purpose computers, the GE 4010, GE 4020, and GE 4060 real time process control computers, and the Datanet 30 message switching computer. A Datanet 600 computer was designed, but never sold. It has been said that GE got into computer manufacturing because in the 1950s they were the largest user of computers outside of the United States federal government. In 1970 GE sold its computer division to Honeywell.
In 1986 GE reacquired RCA, primarily for the NBC television network. The remainder was sold to various companies, including Bertelsmann and Thomson SA.
In 2002 Francisco Partners and Norwest Venture Partners acquired a division of GE called GE Information Systems (GEIS). The new company, named GXS, is based in Gaithersburg, MD. GXS is a leading provider of B2B e-Commerce solutions. GE maintains a minority ownership position in GXS.
In 2004 GE bought Vivendi's television and movie assets, becoming the third largest media conglomerate in the world. The new company was named NBC Universal. Also in 2004 GE completed the spinoff of most of its mortgage and life insurance assets into an independent company, Genworth Financial, based in Richmond, Virginia.
Genpact, a BPO company established by GE in the late 90's, was formerly known as GE Capital International Services (GECIS). GE hived off 60% stake in GENPACT to a consortium in 2004. GE is still a major client to Genpact getting its services in customer service, finance and analytics.
For a complete list of acquisitions and divestitures, see General Electric timeline.
GE has faced criminal action regarding its defense related operations. GE was convicted in 1990 of defrauding the U.S. Department of Defense, and again in 1992 on charges of corrupt practices in the sale of jet engines to Israel.[5]
GE is a multinational conglomerate headquartered in Fairfield, Connecticut. Its New York headquarters are located at 30 Rockefeller Plaza in Rockefeller Center, known as the GE Building for the prominent GE logo on the roof. Through its RCA subsidiary, it has been associated with the Center since its construction in the 1930s. The building's nickname, "30 Rock" (after its address) is the origin of the NBC comedy by the same name.
The company describes itself as composed of a number of primary business units or "businesses." Each "business" is itself a vast enterprise, many of which would, even as a standalone company, rank in the Fortune 500[citation needed]. The list of GE businesses varies over time as the result of acquisitions, divestitures and reorganizations. General Electric's tax return is the largest return filed in the United States; the 2005 return was approximately 24,000 pages when printed out, and 237 megabytes when submitted electronically.[6]
In 2005 GE launched its "Ecomagination" initiative in an attempt to position itself as a "green" company. GE is currently one of the biggest players in the wind power industry, and it is also developing new environment-friendly products such as hybrid locomotives, desalination and water reuse solutions, and photovoltaic cells. The company has even set goals for its subsidiaries to lower their greenhouse gas emissions.[7] Soon, GE will be selling technologies to companies that are struggling to adapt to stricter environmental regulations.
On 21 May 2007, General Electric announced it would sell its GE Plastics division to petrochemicals manufacturer Saudi Basic Industries Corp. for net proceeds of $11.6 billion. The transaction took place on August 31, 2007, and the company name changed to SABIC Innovative Plastics, with Brian Gladden as CEO.
Jeff Immelt is the current chairman of the board and chief executive officer of General Electric. He was selected by GE's Board of Directors in 2000 to replace John Francis Welch Jr. (Jack Welch) following his retirement.
Previously, Immelt had headed up GE's Medical Systems division (now GE Healthcare) as its President and CEO. He has been with GE since 1982 and is on the board of two non-profit organizations.
His tenure as the Chairman and CEO started at a time of crisis - he took over the role on September 7, 2001[8] - four days before the terrorist attacks on the United States, which killed two employees and cost GE's insurance business $600 million, as well as having a direct effect on the company's Aircraft Engines sector.
General Electric has the fourth most recognized brand in the world, worth almost $49 billion.[9]
CEO Jeff Immelt had the new brand commissioned in 2004, after he took the reins as chairman, to unify the diversified businesses of GE. The brand included a change of the corporate color palette, small modifications to the GE Logo, a new customized font (GE Inspira), and a new slogan, "imagination at work" replacing the longtime slogan "we bring good things to life". The new brand requires many headlines to be lowercased and adds visual "white space" to documents and advertising to promote an open and approachable company. The new brand was designed by Wolff Olins and is used extensively on GE's marketing, literature and website.
GE's divisions include GE Commercial Finance, GE Industrial, GE Infrastructure (including GE-Aviation and Smiths Aerospace), GE Consumer Finance,[10] GE Healthcare, and NBC Universal, an entertainment company.
Through these businesses, GE participates in a wide variety of markets including the generation, transmission and distribution of electricity (eg. Nuclear[11], gas and solar), lighting, industrial automation, medical imaging equipment, motors, railway locomotives, aircraft jet engines, aviation services and materials such as plastics, silicones and abrasives. It was co-founder and is 80% owner (with Vivendi) of NBC Universal, the National Broadcasting Company. Through GE Commercial Finance, GE Consumer Finance, GE Equipment Services, and GE Insurance it offers a range of financial services as well. It has a presence in over 100 countries.
Since over half of GE's revenue is derived from financial services, it is arguably a financial company with a manufacturing arm. It is also one of the largest lenders in countries other than the United States, such as Japan. Even though the first wave of conglomerates (such as ITT, Ling-Temco-Vought, Tenneco, etc) fell by the wayside by the mid-1980s, in the late 1990s, another wave (consisting of Westinghouse, Tyco, and others) tried and failed to emulate GE's success.
In 2004, GE was named number one company for employers and employees on the Forbes 500 Global Player list.
Over the years GE has received several awards honoring them for their accomplishments, values and reputation:
- In Fortune Magazine's 2005 "Global Most Admired Companies" list, GE ranked first overall. (February 2005)
- In Fortune Magazine's 2006 "America's Most Admired Companies" list, GE ranked first overall. (March 2006)[12]
- GE was named to the Dow Jones Sustainability World Index as one of the world's leaders in environmental, social and economic programs.
- GE ranked ninth on Fortune Magazine's "50 Most Desirable MBA Employers" list. (April 2004)
- Germanotta, Jeffrey (William Blair & Company, L.L.C.)
- Cornell, Robert (Lehman Brothers)
- Parent, Nicole (Credit Suisse First Boston)
- Dray, Deane (Goldman Sachs)
General Electric has a history of large-scale air and water pollution. Based on year 2000 data,[13] researchers at the Political Economy Research Institute listed the corporatation as the fourth-largest corporate producer of air pollution in the United States, with more than 4.4 million pounds per year of toxic chemicals released into the air.[14] General Electric has also been implicated in the creation of toxic waste. According to EPA documents, only the United States Government and Honeywell are responsible for producing more Superfund toxic waste sites.[15] To be placed in proper context, however, one must recall the size of the company. When compared to a more polluting, but much smaller company, like the aforementioned Honeywell, GE's record is much better than many of its competitors.
In 1983, New York State Attorney General Robert Abrams filed suit in Federal District Court to compel G.E. to pay for the cleanup of what was claimed to be more than 100,000 tons of chemicals dumped (legally, at the time) from their plant in Waterford.[16] In 1999, the company agreed to pay a $250 million settlement in connection with claims it polluted the Housatonic River and other sites with polychlorinated biphenyls (PCBs) and other hazardous substances.[17] In 2002, after spending millions of dollars on advertisements intended to avert the project, General Electric was ordered to clean up a 40 mile stretch of the Hudson River it had contaminated with PCBs. [18] In 2003, acting on concerns that the plan proposed by GE did not "provide for adequate protection of public health and the environment," the United States Environmental Protection Agency issued a unilateral administrative order for the company to "address cleanup at the GE site" in Rome, Georgia, also contaminated with PCBs. [19]
In May 2005 GE announced the launch of a program called "Ecomagination," intended, in the words of CEO Jeffrey Immelt "“to develop tomorrow’s solutions such as solar energy, hybrid locomotives, fuel cells, lower-emission aircraft engines, lighter and stronger durable materials, efficient lighting, and water purification technology,”[20] prompting the New York Times to observe that, "while General Electric's increased emphasis on clean technology will probably result in improved products and benefit its bottom line, Mr. Immelt's credibility as a spokesman on national environmental policy is fatally flawed because of his company's intransigence in cleaning up its own toxic legacy."[21]
- Borazon
- PCBs
- General Electric Theater
- Lexan
- List of assets owned by General Electric
- MOOSE
- Rank and yank
- Ronald Reagan
- JFWTC
- Edison Engineering Development Program
- Jack Welch
- Jeff Immelt
- NBC
- GE Ecomagination
- Jack Donaghy
- 30 Rock
- ^ Our Company; GE website; retrieved December 29, 2006
- ^ [1]
- ^ [2]
- ^ Company Information: General Electric, U.S Securities and Exchange Commission
- ^ Sam Husseini, Felons On The Air: Does GE's Ownership of NBC Violate the Law?, FAIR.ORG, November/December 1994
- ^ United States Department of the Treasury— Internal Revenue Service (2006-05-31). IRS e-file Moves Forward; Successfully Executes Electronic Filing of Nation’s Largest Tax Return. Press release. Retrieved on 2007-02-01.
- ^ General Electric (2005-05-09). GE Launches Ecomagination to Develop Environmental Technologies; Company-Wide Focus on Addressing Pressing Challenges. Press release. Retrieved on 2007-01-15.
- ^ http://www.ge.com/company/leadership/ceo.html
- ^ "Top 100 Global Brands Scoreboard", BusinessWeek.
- ^ GE Money Global Financial Solutions
- ^ [3] Nuclear spin on GE
- ^ "America's Most Admired Companies 2006", Fortune Magazine, March 6, 2006
- ^ [http://www.peri.umass.edu/Technical-Notes.264.0.html Political Economy Research Institute Toxic 100 Corporate Toxics Information Project Technical Notes retrieved 9 Nov 2007
- ^ Political Economy Research Institute
- ^ The Center for Public Integrity
- ^ The Region; G.E. Plant Accused Of Water Pollution", The New York Times, January 21, 1983
- ^ General Electric agrees to $250 Million Settlement to Clean Up PCBs in Housatonic River, Department of Justice news release, October 7, 1999
- ^ New York Times 1 May 2007
- ^ United States Environmental Protection Agency
- ^ [http://www.worldchanging.com/archives/002669.html "Ecomagination: Inside GE's Power Play"
- ^ "Talking Green, Acting Dirty." New York Times 12 June 2005
- Official site.
- Official site for GE Appliances, the corporation's leading consumer product
- SEC filings including 10-k
- Another Hudson River Controversy Site
- Financial Times article on GE's effort to go green
- Wind energy at GE
- G.E. to Double Investments in Renewables to $4B
- Business data
- General Electric at Google Finance
- General Electric at Yahoo Finance
- General Electric at Hoover's
- General Electric at Reuters
- General Electric SEC filings at EDGAR Online
- General Electric SEC filings at the Securities and Exchange Commission
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| Annual revenue USD 163.391 billion (2006) Employees 316,000 (2005) Stock symbol NYSE: GE Website www.ge.com |
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| Former stocks | American Telephone & Telegraph · American Tobacco Company · Chevron · Eastman Kodak · Goodyear Tire and Rubber Company · International Paper · North American Company · Sears Roebuck · Union Carbide · United States Rubber Company |
Categories: Companies listed on the New York Stock Exchange | All articles with unsourced statements | Articles with unsourced statements since June 2007 | Dow Jones Industrial Average | General Electric | Lighting brands | Conglomerate companies | Companies based in Connecticut | Businesses based in Fairfield County, Connecticut | Rockefeller Center | Thomas Edison | Schenectady, New York | Companies established in 1879 | Electrical wiring and construction supplies manufacturers | Wind turbine manufacturers