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General Electric
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{{redirect|GE}}{{distinguish|text=the former British General Electric Company plc (GEC), or the musical project General Elektriks}}{{short description|American industrial company}}{{Use American English|date=August 2015}}{{Use mdy dates|date=May 2018}}







factoids
S&P 100 component>S&P 500 component}}| ISIN = US3696041033Conglomerate (company)>ConglomerateSchenectady, New York, New York (state)>New York through the merger/buyout of Thomas Edison#Menlo Park laboratory (1876-1886) by Thomson-Houston Electric Company>Thomson-Houston Electricclass=nowrapElihu Thomson>Edwin J. HoustonCharles A. Coffin>J. P. Morgan}}| location = Boston, Massachusetts, U.S.| area_served = WorldwideH. Lawrence Culp Jr.{{small>(Chairman & CEO)}} Aircraft enginesElectric power distribution>Electrical distributionElectric motors>EnergyFinance>Fuel gas>Health careLighting>OilSoftware>WaterWeapons>Wind turbines}}{{Increase}} US$ 121.615 billion {{small|(2018)}}}}{{Decrease}} US$ -20.72 billion {{small|(2018)}}}}{{Decrease}} US$ -22.4 billion {{small|(2018)}}}}{{Decrease}} US$ 309.129 billion {{small|(2018)}}}}{{Decrease}} US$ 30.981 billion {{small|(2018)}}}}(2018)}}Baker Hughes (50.4%)>GE AdditiveGE Aviation>GE CapitalGE Digital>GE Global ResearchGE Healthcare>GE LightingGE Power>GE Renewable Energy|GE Ventures}}weblink|GE.com}}PUBLISHER=GENERAL ELECTRIC, 7 April 2019, |predecessor = RCA}}General Electric Company (GE) is an American multinational conglomerate incorporated in New York City and headquartered in Boston. {{as of|2018}}, the company operates through the following segments: aviation, healthcare, power, renewable energy, digital industry, additive manufacturing, venture capital and finance, lighting, and oil and gas.WEB,weblink Summary of Operating Segments, GE, April 12, 2018, WEB, Egan, Matt, 13 June 2018, Inside the dismantling of GE, CNN,weblinkweblink" title="web.archive.org/web/20180613190108weblink">weblink 13 June 2018, live, dmy, GE has a subsidiary in Bermuda. WEB, Exhibit 21,weblink Exhibit 21, 1 June 2019, {{harvid, Ex 21, 2018, }}In 2018, GE ranked among the Fortune 500 as the 18th-largest firm in the U.S. by gross revenue.WEB,weblink Fortune 500 Companies 2018: Who Made the List, Fortune, en-US, 2018-11-09, In 2011, GE ranked among the Fortune 20 as the 14th-most profitable company but has since very severely underperformed the market (by about 75%) as its profitability collapsed.WEB,weblink GE Powered the American Century—Then It Burned Out, Thomas Gryta and Ted, Mann, December 14, 2018, August 11, 2019, www.wsj.com, WEB,weblink What the Hell Happened at GE?, Fortune, August 11, 2019, MAGAZINE,weblink Fortune 20 most profitable companies: IBM, 2011, Fortune (magazine), Fortune, December 17, 2010, Two employees of GE—Irving Langmuir (1932) and Ivar Giaever (1973)—have been awarded the Nobel Prize.WEB, Heritage of Research, General Electric,weblink June 1, 2016,

History

{{further|General Electric timeline}}

Formation

(File:General Electric Shops, Schenectady, NY, aerial view, 1896.jpg|thumb|left|General Electric in Schenectady, NY, aerial view, 1896)File:General Electric Shops, Schenectady, NY, 1896.jpg|thumb|left|Plan of Schenectady plant, 1896Arnold, Horace L. "Modern Machine-Shop Economics. Part II" in Engineering MagazineEngineering MagazineFile:570 Lexington Avenue (General Electric Building) 001.jpg|thumb|right|upright|General Electric BuildingGeneral Electric BuildingDuring 1889, Thomas Edison had business interests in many electricity-related companies including Edison Lamp Company, a lamp manufacturer in East Newark, New Jersey; Edison Machine Works, a manufacturer of dynamos and large electric motors in Schenectady, New York; Bergmann & Company, a manufacturer of electric lighting fixtures, sockets, and other electric lighting devices; and Edison Electric Light Company, the patent-holding company and the financial arm backed by J.P. Morgan and the Vanderbilt family for Edison's lighting experiments.WEB, Electricity,weblink A Brief History of Con Edison, Con Edison, February 3, 2013, dead,weblink" title="web.archive.org/web/20121030164753weblink">weblink October 30, 2012, mdy, In 1889, Drexel, Morgan & Co., a company founded by J.P. Morgan and Anthony J. Drexel, financed Edison's research and helped merge those companies under one corporation to form Edison General Electric Company, which was incorporated in New York on April 24, 1889. The new company also acquired Sprague Electric Railway & Motor Company in the same year.WEB, Edison Companies,weblink The Thomas Edison Papers, Rutgers University, February 3, 2013, WEB, FAQs: How did the firm impact the advent of electricity?,weblink J.P. Morgan, February 3, 2013, In 1880, Gerald Waldo Hart formed the American Electric Company of New Britain, Connecticut, which merged a few years later with Thomson-Houston Electric Company, led by Charles Coffin. In 1887, Hart left to become superintendent of the Edison Electric Company of Kansas City, Missouri.Connecticut History Makers, by Elias Robert Stevenson, 1930 General Electric was formed through the 1892 merger of Edison General Electric Company of Schenectady, New York, and Thomson-Houston Electric Company of Lynn, Massachusetts, with the support of Drexel, Morgan & Co. Both plants continue to operate under the GE banner to this day.WEB,weblink Thomas Edison & GE, GE company web site, December 22, 2009, The company was incorporated in New York, with the Schenectady plant used as headquarters for many years thereafter. Around the same time, General Electric's Canadian counterpart, Canadian General Electric, was formed.BOOK, {{google books, y, X_P0AwAAQBAJ, 72, |title=Canadian-American Industry|last=Marshall|first=Herbert|last2=Southard|first2=Frank|last3=Taylor|first3=Kenneth W.|date=January 15, 1976|publisher=McGill-Queen's Press – MQUP|isbn=9780773591363|location=|page=72|language=en}}

Public company

In 1896, General Electric was one of the original 12 companies listed on the newly formed Dow Jones Industrial Average,NEWS,weblink The First 12 Dow Components: Where Are They Now?, Schaefer, Steve, Forbes, January 5, 2018, en, where it remained a part of the index for 122 years, though not continuously.WEB,weblink History of the Dow – Timeline of Companies, Quasimodos.com, January 4, 1984, April 23, 2012, File:Carmen Miranda by General Electric (1945).jpg|thumb|upright=0.85|alt=1945 magazine ad for an FM radio with pictures of Miranda|Carmen Miranda in a 1945 advertisement for a General Electric FM radio in The Saturday Evening PostThe Saturday Evening PostIn 1911, General Electric absorbed the National Electric Lamp Association (NELA) into its lighting business. GE established its lighting division headquarters at Nela Park in East Cleveland, Ohio. The lighting division has since remained in the same location.NEWS,weblink Nela Park holiday lights, Hower House Museum display and recycle holiday lights: Home and Garden News, cleveland.com, March 24, 2017, en-US,

RCA and NBC

Owen D. Young, through GE, founded the Radio Corporation of America (RCA) in 1919, after purchasing the Marconi Wireless Telegraph Company of America. He aimed to expand international radio communications. GE used RCA as its retail arm for radio sales.Mahon, Morgan E. A Flick of the Switch 1930–1950 (Antiques Electronics Supply, 1990), p.86. In 1926, RCA co-founded the National Broadcasting Company (NBC), which built two radio broadcasting networks. In 1930, General Electric was charged with antitrust violations and decided to divest itself of RCA.WEB,weblink Timeline: The History of NBC, NoCable.org, en, March 9, 2018,

Television

In 1927, Ernst Alexanderson of GE made the first demonstration of his television broadcastsWEB,weblink Ernst Alexanderson, About.com Inventors, at his General Electric Realty Plot home at 1132 Adams Rd, Schenectady, New York. On January 13, 1928, he made what was said to be the first broadcast to the public in the United States on GE's W2XAD: the pictures were picked up on 1.5 square inch (9.7 square centimeter) screens in the homes of four GE executives. The sound was broadcast on GE's WGY (AM).{{citation needed|date=January 2017}}Experimental television station W2XAD evolved into station WRGB which, along with WGY and WGFM (now WRVE), was owned and operated by General Electric until 1983.BOOK,weblink THE STORY OF A SMALL TWIG, Green, John, February 5, 2018, Lulu.com, 9781387571765, en,

Power generation

{{see also|GE Wind Energy}}Led by Sanford Alexander Moss, GE moved into the new field of aircraft turbo superchargers.{{citation needed|date=May 2014}}GE introduced the first set of superchargers during World War I, and continued to develop them during the interwar period. Superchargers became indispensable in the years immediately prior to World War II. GE supplied 300,000 turbo superchargers for use in fighter and bomber engines. This work led the U.S. Army Air Corps to select GE to develop the nation's first jet engine during the war.NEWS,weblink General Electric Pioneers Jet Engine Manufacturing, Weber, Austin, March 28, 2017, Assembly Magazine, January 5, 2018, BNP Media, en, This experience, in turn, made GE a natural selection to develop the Whittle W.1 jet engine that was demonstrated in the United States in 1941.BOOK, Whittle, Sir Frank, Golley, John,weblink Jet, illustrated, Gunston, Bill, Datum Publishing, 2010, 181–182, 978-1907472008, January 26, 2016, GE was ranked ninth among United States corporations in the value of wartime production contracts.Peck, Merton J. & Scherer, Frederic M. The Weapons Acquisition Process: An Economic Analysis (1962) Harvard Business School p.619 Although, their early work with Whittle's designs was later handed to Allison Engine Company. GE Aviation then emerged as one of the world's largest engine manufacturers, bypassing the British company, Rolls-Royce plc.Some consumers boycotted GE light bulbs, refrigerators and other products during the 1980s and 1990s. The purpose of the boycott was to protest against GE's role in nuclear weapons production.Global Corruption Report 2009, Corruption and the Private Sector {{webarchive|url=https://web.archive.org/web/20120320054022weblink|date=March 20, 2012}} Transparency International 2009 page 148 {{en icon}}In 2002, GE acquired the wind power assets of Enron during its bankruptcy proceedings.NEWS, GE Completes Enron Wind Acquisition; Launches GE Wind Energy,weblinkweblink" title="web.archive.org/web/20080328074132weblink">weblink dead, March 28, 2008, May 10, 2002, Business Wire, August 9, 2010, Enron Wind was the only surviving U.S. manufacturer of large wind turbines at the time, and GE increased engineering and supplies for the Wind Division and doubled the annual sales to $1.2 billion in 2003.Fairly, Peter. The Greening of GE IEEE Spectrum, July 2005. Retrieved: November 6, 2010. It acquired ScanWind in 2009.NEWS, GE to build £99m UK wind turbine plant,weblink The Independent, UK, December 20, 2010, Sarah, Arnott, March 26, 2010, WEB,weblink GE Closes Acquisition of ScanWind, Renewableenergyworld.com, March 9, 2018, In 2018, GE Power garnered press attention when a model 7HA gas turbine in Texas was shut down for two months due to the break of a turbine blade.WEB,weblink GE GE's push to fix power turbine problem goes global: sources, www.reuters.com, This model uses similar blade technology to GE's newest and most efficient model, the 9HA. After the break, GE developed new protective coatings and heat treatment methods. Gas turbines represent a significant portion of GE Power's revenue, and also represent a significant portion of the power generation fleet of several utility companies in the United States. Chubu Electric of Japan and Électricité de France also had units that were impacted. Initially, GE did not realize the turbine blade issue of the 9FB unit would impact the new HA units.WEB,weblink GE urges speedy fix for power turbine blades, says blade broke in 2015: sources, www.reuters.com, Alwyn, Scott, January 25, 2019, January 25, 2019,

Computing

{{More citations needed section|date=January 2017}}GE was one of the eight major computer companies of the 1960s along with IBM, Burroughs, NCR, Control Data Corporation, Honeywell, RCA and UNIVAC.BOOK, Guston, David H., Encyclopedia of Nanoscience and Society, July 14, 2010, SAGE Publications, 272,weblink May 5, 2017, 9781452266176, GE had a line of general purpose and special purpose computers, including 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 and Datanet 355 message switching computers (DATANET-30 and 355 were also used as front end processors for GE mainframe computers). A Datanet 500 computer was designed, but never sold.WEB,weblink General Electric – Computing History, Computinghistory.org.uk, March 9, 2018, In 1962, GE started developing its GECOS (later renamed GCOS) operating system, originally for batch processing, but later extended to timesharing and transaction processing. Versions of GCOS are still in use today. From 1964 to 1969, GE and Bell Laboratories (which soon dropped out) joined with MIT to develop the Multics operating system on the GE 645 mainframe computer. The project took longer than expected and was not a major commercial success, but it demonstrated concepts such as single level store, dynamic linking, hierarchical file system, and ring-oriented security. Active development of Multics continued until 1985.GE got into computer manufacturing because in the 1950s they were the largest user of computers outside the United States federal government, aside from being the first business in the world to own a computer. Its major appliance manufacturing plant "Appliance Park" was the first non-governmental site to host one.MAGAZINE, Hiner, Jason,weblink GE's $200 million bet to resurrect IT, TechRepublic, November 30, 2012, May 31, 2013, However, in 1970, GE sold its computer division to Honeywell, exiting the computer manufacturing industry, though it retained its timesharing operations for some years afterwards. GE was a major provider of computer time-sharing services, through General Electric Information Services (GEIS, now GXS), offering online computing services that included GEnie.In 2000 when United Technologies Corp. planned to buy Honeywell, GE made a counter-offer that was approved by Honeywell.MAGAZINE,weblink The Anatomy of the GE-Honeywell Disaster, Elliott, Michael, July 8, 2001, TIME,weblink" title="web.archive.org/web/20160627050528weblink">weblink June 27, 2016, June 27, 2016, GE-Honeywell-Disaster, dead, mdy-all, On July 3, 2001, the European Union issued a statement that "prohibit the proposed acquisition by General Electric Co. of Honeywell Inc.".WEB,weblink The Commission prohibits GE's acquisition of Honeywell, July 3, 2001, EU,weblink" title="web.archive.org/web/20160627051108weblink">weblink June 27, 2016, June 27, 2016, EU-GE-Honeywell, dead, mdy-all, The reasons given were it "would create or strengthen dominant positions on several markets and that the remedies proposed by GE were insufficient to resolve the competition concerns resulting from the proposed acquisition of Honeywell."On June 27, 2014, GE partnered with collaborative design company Quirky to announce its connected LED bulb called Link. The Link bulb is designed to communicate with smartphones and tablets using a mobile app called Wink.WEB, July 2, 2014,weblink GE Link smart LED bulb can communicate with smart devices, TechOne3,weblink" title="web.archive.org/web/20140706161945weblink">weblink July 6, 2014, dead, mdy-all, File:GE, Global Operations Center - Cincinnati.jpg|thumb|GE Global Operations Center in Downtown Cincinnati, OhioOhio

Acquisitions and divestments

{{see also|General Electric timeline}}In December 1985, GE reacquired RCA, primarily for the NBC television network (also parent of Telemundo Communications Group) for $6.28 billion; this merger surpassed the Capital Cities/ABC merger that happened earlier that year as the largest non-oil merger in world business history.WEB,weblink General Electric Co., in the largest non-oil merger in..., The remainder was sold to various companies, including Bertelsmann (Bertelsmann acquired RCA Records) and Thomson SA, which traces its roots to Thomson-Houston, one of the original components of GE.{{citation needed|date=January 2017}} Also in 1986, Kidder, Peabody & Co., a U.S.-based securities firm, was sold to GE and following heavy losses was sold to PaineWebber in 1994.NEWS,weblink Ge To Sell Kidder Unit To Paine, tribunedigital-chicagotribune, January 5, 2018, en, 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, Maryland. GXS is a provider of B2B e-Commerce solutions. GE maintains a minority stake in GXS.{{citation needed|date=January 2017}} Also in 2002, GE Wind Energy was formed when GE bought the wind turbine manufacturing assets of Enron Wind after the Enron scandals.Murphy, Dennis. GE completes Enron Wind acquisition; Launches GE Wind Energy {{webarchive|url=https://web.archive.org/web/20160218110511weblink |date=February 18, 2016 }} Desert Sky Wind Farm, May 10, 2002. Retrieved: May 1, 2010.In 2004, GE bought 80% of Universal Pictures from Vivendi. Vivendi bought 20% of NBC forming the company NBCUniversal. GE then owned 80% of NBCUniversal and Vivendi owned 20%. In 2004, GE completed the spin-off of most of its mortgage and life insurance assets into an independent company, Genworth Financial, based in Richmond, Virginia.NEWS,weblink General Electric Completes Spinoff Of Genworth Financial, Murphy, Tara, May 25, 2004, Forbes, September 5, 2017, en, Genpact formerly known as GE Capital International Services (GECIS) was established by GE in late 1997 as its captive India-based BPO. GE sold 60% stake in Genpact to General Atlantic and Oak Hill Capital Partners in 2005 and hived off Genpact into an independent business. GE is still a major client to Genpact today, for services in customer service, finance, information technology and analytics.{{citation needed|date=January 2017}}In May 2007, GE acquired Smiths Aerospace for $4.8 billion.NEWS,weblink The New York Times, Claudia H., Deutsch, G.E. Buying a British Aerospace Company, January 16, 2007, Also in 2007, GE Oil & Gas acquired Vetco Gray for $1.9 billion,WEB, General Electric to acquire Vetco Gray for $1.9 billion,weblink$19-billion, ReliablePlant.com, June 11, 2014, January 8, 2007, dead,weblink" title="web.archive.org/web/20140706224120weblink">weblink July 6, 2014, mdy-all, WEB, GE Oil & Gas buys Vetco Gray,weblink E&P Magazine, June 11, 2014, January 8, 2007,weblink" title="web.archive.org/web/20140528230355weblink">weblink May 28, 2014, dead, followed by the acquisition of Hydril Pressure & Control in 2008 for $1.1 billion.WEB, Saitto, Serena, Kingsbury, Kevin, From Tenaris,weblink MarketWatch.com – The Wall Street Journal, June 11, 2014, January 28, 2008, WEB, GE Oil & Gas Buys Hydril Pressure Control,weblinkweblink" title="web.archive.org/web/20140709164541weblink">weblink dead, July 9, 2014, June 11, 2014, January 29, 2008, GE Plastics was sold in 2008 to SABIC (Saudi Arabia Basic Industries Corporation). In May 2008, GE announced it was exploring options for divesting the bulk of its consumer and industrial business.{{citation needed|date=January 2017}}On December 3, 2009, it was announced that NBCUniversal would become a joint venture between GE and cable television operator Comcast. Comcast would hold a controlling interest in the company, while GE would retain a 49% stake and would buy out shares owned by Vivendi.NEWS,weblink GE, Comcast announce joint NBC deal, Goldman, Davis, Pepitone, Julianne, December 3, 2009, CNNMoney.com, December 22, 2009, Vivendi would sell its 20% stake in NBCUniversal to GE for US$5.8 billion. Vivendi would sell 7.66% of NBCUniversal to GE for US$2 billion if the GE/Comcast deal was not completed by September 2010 and then sell the remaining 12.34% stake of NBCUniversal to GE for US$3.8 billion when the deal was completed or to the public via an IPO if the deal was not completed.WEB,weblink Vivendi to Sell its Stake in NBCUniversal for US$5.8 billion, December 3, 2009, Vivendi SA, December 22, 2009, dead,weblink" title="web.archive.org/web/20091206050534weblink">weblink December 6, 2009, mdy-all, NEWS,weblink Vivendi To Sell 20% Stake In NBCU To GE For $5.8 Bln, December 3, 2009, The Wall Street Journal, November 5, 2013, dead,weblink" title="web.archive.org/web/20131105062028weblink">weblink November 5, 2013, mdy-all, On March 1, 2010, GE announced plans to sell its 20.85% stake in Turkey-based Garanti Bank.NEWS,weblink General Electric to sell stake in Garanti Bank, March 1, 2010, March 2, 2010, In August 2010, GE Healthcare signed a strategic partnership to bring cardiovascular Computed Tomography (CT) technology from start-up Arineta Ltd. of Israel to the hospital market.NEWS,weblink GE to get its heart tech from Israel, August 1, 2010, August 21, 2010, In October 2010, GE acquired gas engines manufacture Dresser Inc. in a $3 billion deal and also bought a $1.6 billion portfolio of retail credit cards from Citigroup Inc.WEB,weblink — GE posts sales slump, rattles recovery hopes, Comcast.net, April 23, 2012, dead,weblink" title="web.archive.org/web/20101023231657weblink">weblink October 23, 2010, WEB,weblink General Electric in Russia, April 2, 2014, On October 14, 2010, GE announced the acquisition of data migration & SCADA simulation specialists Opal Software.WEB, GE Acquires Opal Software â€” Strengthens Smart Grid Software Portfolio,weblink GE, October 19, 2010, dead,weblink" title="web.archive.org/web/20110711083558weblink">weblink July 11, 2011, In December 2010, for the second time that year (after the Dresser acquisition), GE bought the oil sector company British Wellstream Holding Plc., an oil pipe maker, for 800 million pounds ($1.3 billion).NewsDaily: GE to buy UK oil pipe maker Wellstream for $1.3 billion reuters.comIn March 2011, GE announced that it had completed the acquisition of privately held Lineage Power Holdings, Inc., from The Gores Group, LLC.WEB, Business Wire,weblink Businesswire.com, Businesswire.com, March 2, 2011, April 23, 2012, In April 2011, GE announced it had completed its purchase of John Wood Plc's Well Support Division for $2.8 billion.WEB, Business Wire,weblink Businesswire.com, Businesswire.com, April 26, 2011, January 15, 2013, In 2011, GE Capital sold its $2 billion Mexican assets to Santander for $162 million and exit the business in Mexico. Santander additionally assumed the portfolio debts of GE Capital in the country. Following this, GE Capital focused in its core business and shed its non-core assets.WEB,weblink GE Capital sells Mexican assets to Santander, Finance News, April 23, 2012, dead,weblink" title="web.archive.org/web/20120319231552weblink">weblink March 19, 2012, In June 2012, CEO and President of GE Jeff Immelt said that the company would invest ₹3 billion to accelerate its businesses in Karnataka.NEWS,weblink GE to invest Rs 300 cr for expansion, June 7, 2012, In October 2012, GE acquired $7 billion worth of bank deposits from Metlife Inc.NEWS,weblink GE, MetLife tweak terms of deal for $7 bln in bank deposits, Reuters, Reuters, September 25, 2012, On March 19, 2013, Comcast bought GE's shares in NBCU for $16.7 billion, ending the company's longtime stake in television and film media.WEB,weblink Comcast Completes Acquisition Of GE's 49% Stake In NBCUniversal, Lieberman, David, Lieberman, David, 2013-03-19, Deadline, en, 2019-01-17, In April 2013, GE acquired oilfield pump maker Lufkin Industries for $2.98 billion.NEWS,weblink GE to buy oil pump maker Lufkin for nearly $3 billion, Ernest Scheyder, Reuters, April 8, 2013, In April 2014, it was announced that GE was in talks to acquire the global power division of French engineering group Alstom for a figure of around $13 billion.NEWS, GE in talks to buy Alstom's power arm, Natalie Huet, Reuters,weblink April 24, 2014, A rival joint bid was submitted in June 2014 by Siemens and Mitsubishi Heavy Industries (MHI) with Siemens seeking to acquire Alstom's gas turbine business for €3.9 billion, and MHI proposing a joint venture in steam turbines, plus a €3.1 billion cash investment. In June 2014 a formal offer from GE worth $17 billion was agreed by the Alstom board. Part of the transaction involved the French government taking a 20% stake in Alstom to help secure France's energy and transport interests and French jobs. A rival offer from Siemens-Mitsubishi Heavy Industries was rejected. The acquisition was expected to be completed in 2015.NEWS, Alstom board votes for {{sic, y, aquisition, acquisition, by GE|url=http://www.francenews.net/index.php/sid/223128443/scat/3a8a80d6f705f8cc/ht/Alstom-board-votes-for-aquisition-by-GE|accessdate=June 23, 2014|publisher=France News.Net|archive-url=https://web.archive.org/web/20140709235422weblink|archive-date=July 9, 2014|url-status=dead|df=mdy-all}} In October 2014, GE announced it was considering the sale of its Polish banking business Bank BPH.GE considers sale of Polish unit Bank BPH. Reuters, October 15, 2014Later in 2014, General Electric announced plans to open its global operations center in Cincinnati, Ohio.WEB,weblink GE center, 2,000 jobs slated for downtown Cincinnati, 10 April 2014, Dayton Daily News, 13 August 2018, The Global Operations Center opened in October 2016 as home to GE's multifunctional shared services organization. It supports the company's finance/accounting, human resources, information technology, supply chain, legal and commercial operations, and is one of GE's four multifunctional shared services centers worldwide in Pudong, China; Budapest, Hungary; and Monterrey, Mexico.WEB,weblink Having already hired 1,400, GE's new operations center Downtown looks to hire 400 more, 19 July 2017, WCPO Cincinnati, 13 August 2018, In April 2015, GE announced its intention to sell off its property portfolio, worth $26.5 billion, to Wells Fargo and The Blackstone Group.WEB,weblink General Electric to sell $26.5bn property portfolio, BBC News, It was announced in April 2015 that GE would sell most of its finance unit and return around $90 billion to shareholders as the firm looked to trim down on its holdings and rid itself of its image of a "hybrid" company, working in both banking and manufacturing.PRESS RELEASE, Reuters, April 11, 2015, GE to sell bulk of finance unit, return up to $90 billion to investors,weblink In August 2015, GE Capital agreed to sell its Healthcare Financial Services business to Capital One for US$9 billion. The transaction involved US$8.5 billion of loans made to a wide array of sectors including senior housing, hospitals, medical offices, outpatient services, pharmaceuticals and medical devices.PRESS RELEASE,weblink Capital One to Acquire GE Capital's U.S. Healthcare Finance Unit, Capital One Financial, August 11, 2015, Also in August 2015, GE Capital agreed to sell GE Capital Bank's on-line deposit platform to Goldman Sachs. Terms of the transaction were not disclosed, but the sale included US$8 billion of on-line deposits and another US$8 billion of brokered certificates of deposit. The sale was part of GE's strategic plan to exit the U.S. banking sector and to free itself from tightening banking regulations. GE also aimed to shed its status as a "systematically important financial institution."NEWS,weblink Goldman Sachs to Acquire GE Capital Bank's on-line deposit platform, Bloomberg News, August 13, 2015, In September 2015, GE Capital agreed to sell its transportation-finance unit to Canada's Bank of Montreal. The unit sold had US$8.7 billion (CA$11.5 billion) of assets, 600 employees and 15 offices in the U.S. and Canada. Exact terms of the sale were not disclosed, but the final price would be based on the value of the assets at closing, plus a premium according to the parties.NEWS RELEASE,weblink BMO News Release BMO Financial to acquire GE Capital's transportation finance business, September 10, 2015, September 16, 2015, In October 2015, activist investor Nelson Peltz's fund Trian bought a $2.5 billion stake in the company.WEB, Nelson Peltz's Trian takes $2.5 billion stake in General Electric,weblink Reuters, October 5, 2015, In January 2016, Haier Group acquired GE's appliance division for $5.4 billion.WEB, China's Haier buying GE appliance unit for $5.4B,weblink USA TODAY, January 15, 2016, In October 2016, GE Renewable Energy agreed to pay €1.5 billion to Doughty Hanson & Co for LM Wind Power during 2017.WEB,weblink GE acquires LM Wind Power, Windpower Monthly, October 11, 2016, At the end of October 2016, it was announced that GE was under negotiations for a deal valued at about $30 billion to combine GE Oil and Gas with Baker Hughes. The transaction would create a publicly traded entity controlled by GE.WEB, GE to Combine Oil and Gas Business With Baker Hughes,weblink The Wall Street Journal, October 31, 2016, It was announced that GE Oil and Gas would sell off its water treatment business as part of its divestment agreement with Baker Hughes.GE explores sale of Water & Process Technologies business, World Pumps, November 1, 2016 The deal was cleared by the EU in May 2017, and by the DOJ in June 2017.NEWS,weblink EU clears GE's Baker Hughes purchase without conditions, Reuters, WEB,weblink U.S. DoJ Approves Baker Hughes – GE Merger, Subseaworldnews.com, The merger agreement was approved by shareholders at the end of June 2017. On July 3, 2017, the transaction was completed and Baker Hughes became a GE company.WEB,weblink GE, Baker Hughes complete merger, Oedigital.com, In November 2018, GE reduced it's stake in Baker Hughes to 50.4%weblink April 2017, GE announced the name of their $200 million corporate headquarters would be "GE Innovation Point". The groundbreaking ceremony for the 2.5-acre, 800-person campus was held on May 8, 2017, and the completion date is expected to be sometime in mid-2019.NEWS, Carlock, Catherine,weblink Why is GE naming its Boston headquarters 'Innovation Point'?, Boston Business Journal, April 27, 2017, April 28, 2017, In May 2017, GE had signed $15 billion of business deals with Saudi Arabia.NEWS, GE announces $15 billion of business deals with Saudi Arabia,weblink Reuters, May 20, 2017, Saudi Arabia is one of GE's largest customers.NEWS, Exclusive: General Electric's power unit faces threat in Saudi Arabia,weblink Reuters, July 19, 2018, In September 2017, GE announced the sale of its Industrial Solutions Business to ABB. The deal closed on June 30, 2018.NEWS,weblink ABB buys GE business for $2.6 billion in bet it can boost margins, Reuters, WEB, ABB completes acquisition of GE Industrial Solutions,weblink New.abb.com, 13 July 2018, en,

Fraud allegations

On August 15, 2019, Harry Markopolos, a financial fraud investigator known for his discovery of a Ponzi Scheme ran by Bernard Madoff, accused General Electric of being a "bigger fraud than Enron", alleging $38 billion in accounting fraud. GE denied wrongdoing.WEB,weblink General Electric, A Bigger Fraud Than Enron, gefraud.com, August 15, 2019,weblink August 15, 2019, dead, WEB,weblink General Electric: Madoff Investigator alleges $38bn in fraud, Russell, Hotten, August 15, 2019, BBC, August 16, 2019, WEB,weblink GE stock has worst day in 11 years after Madoff whistleblower calls it a bigger fraud than Enron, CNN Business, Paul R. La Monica, August 15, 2019, August 15, 2019,

Insufficient reserves for long-term care policies

It is alleged that GE is "hiding" (i.e. under-reserved) WEB, Alwyn Scott, General Electric insurance called 'risky' by Fitch; shares fall again,weblink Reuters.com, 22 August 2019, English, August 20, 2019, The Fitch report, which the credit rating agency produces annually, echoed concerns raised last week by financial investigator Harry Markopolos, who estimated that GE has under-reserved by $29 billion for its long-term care policies., $29 billion in losses related to its long-term care business. WEB, General Electric whistleblower: 'I think I have a few smoking guns' Harry Markopolos reveals fraud,weblink YouTube.com, Yahoo Finance, 21 August 2019, English, M:SS=1.47, August 15, 2019, GE is hiding $29B in long-term care losses, According to an August 2019 Fitch Ratings report, there are concerns that GE has not set aside enough money to cover its long-term care liabilities. WEB, Alwyn Scott, General Electric insurance called 'risky' by Fitch; shares fall again,weblink Reuters.com, 22 August 2019, English, August 20, 2019, General Electric Co (GE.N) ranks among the riskiest backers of long-term care insurance, suffering from both high exposure to claims and a relatively small cash pile to pay them, Fitch Ratings said in a report on Tuesday, In 2018, a lawsuit (the Bezio case) was filed in New York state court on behalf of participants in GE’s 401(k) plan and shareowners alleging violations of Section 11 of the Securities Act of 1933 based on alleged misstatements and omissions related to insurance reserves and performance of GE’s business segments. WEB, General Electric, 2018 Annual Report - General Electric,weblink GE.com, 20 August 2019, 87, English, The Kansas Insurance Department (KID) is requiring General Electric to make $14.5 billion of capital contributions for its insurance contracts during the 7-year period ending in 2024.WEB, General Electric, 2018 Annual Report - General Electric,weblink GE.com, 20 August 2019, 67, English, The adverse impact on our statutory AAR arising from our revised assumptions in 2017, including the collectability of reinsurance recoverables, is expected to require GE Capital to contribute approximately $14.5 billion additional capital, to its run-off insurance operations in 2018-2024. For statutory accounting purposes, KID approved our request for a permitted accounting practice to recognize the 2017 AAR increase over a seven-year period. GE Capital provided capital contributions to its insurance subsidiaries of approximately $3.5 billion and $1.9 billion in the first quarter of 2018 and 2019, respectively. GE Capital expects to provide further capital contributions of approximately $9 billion through 2024, subject to ongoing monitoring by KID., GE reported the total liability related to its insurance contracts was $35.6 billion as at December 31, 2018. WEB, General Electric, 2018 Annual Report - General Electric,weblink GE.com, 20 August 2019, 61, English, In 2018, GE announced the issuance of the new standard by the Financial Accounting Standards Board (FASB) regarding Financial Services - Insurance (Topic 944) will materially affect its financial statements. WEB, General Electric, Follow Up From Last Week’s Note,weblink GE.com, 21 August 2019, English, We have stated in disclosures beginning with our 3Q’18 10-Q (page 48) that, following issuance of the new standard by the FASB in August 2018, we anticipate that the adoption of the new standard will materially affect our financial statements., WEB, FORM 10-Q September 2018,weblink GE.com, General Ledger, 21 August 2019, English, In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. We are evaluating the effect of the standard on our consolidated financial statements and anticipate that its adoption will significantly change the accounting for measurements of our long-duration insurance liabilities. The ASU requires cash flow assumptions used in the measurement of various insurance liabilities to be reviewed at least annually and updated if actual experience or other evidence indicates previous assumptions need to be revised with any required changes recorded in earnings. The discount rate, equivalent to the upper-medium grade (i.e., single A) fixed-income instrument yield reflecting the duration characteristics of the liability, is required to be updated in each reporting period with changes recorded in accumulated other comprehensive income. In measuring the insurance liabilities, contracts shall not be grouped together from different issue years. While we continue to evaluate the effect of the standard on our ongoing financial reporting, we anticipate that the adoption of the ASU may materially affect our financial statements., Mr. Markopolos estimated there will be a $US 10.5 billion charge when the new accounting standard is adopted in the first quarter of 2021. WEB, General Electric whistleblower: 'I think I have a few smoking guns' Harry Markopolos reveals fraud,weblink YouTube.com, Yahoo Finance, 21 August 2019, English, M:SS=3.25, August 15, 2019, GE is hiding $29B in long-term care losses,

Anticipated $8 billion loss upon disposition of Baker Hughes

In 2017, GE acquired a 62.5% interest in Baker Hughes (BHGE) when it combined its oil & gas business with Baker Hughes Incorporated. WEB, 2017 Annual Report,weblink GE.com, 20 August 2019, 21, English, In 2018, GE reduced its interest to 50.4%, resulting in the realization of a $2.1 billion loss. GE is planning to divest its remaining interest and has warned that the divestment will result in an additional loss of $8.4 billion (assuming a BHGE share price of $23.57 per share). WEB, General Electric, 2018 Annual Report - General Electric,weblink GE.com, 20 August 2019, 139, English, As previously announced, we plan an orderly separation of our ownership interest in BHGE over time. In November 2018, BHGE completed an underwritten public offering in which we sold 101.2 million shares of BHGE Class A common stock. BHGE also repurchased 65.0 million BHGE LLC units from GE. As a result, our economic interest in BHGE reduced from 62.5% to 50.4% and we recognized a loss of $2,169 million ($1,696 million after tax), which decreased the Other Capital component of shareowners' equity. Sale of Class A common stock resulted in an increase in noncontrolling interests of $4,214 million. Any reduction in our ownership interest below 50% will result in us losing control of BHGE. At that point, we would deconsolidate our Oil & Gas segment, recognize any remaining interest at fair value and recognize any difference between carrying value and fair value of our interest in earnings. Depending on the form and timing of our separation, and if BHGE’s stock price remains below our current carrying value, we may recognize a significant loss in earnings. Based on BHGE's share price at January 31, 2019 of $23.57 per share, the incremental loss upon deconsolidation by a sale of our interest would be approximately $8,400 million., In response to the fraud allegations, GE noted the amount of the loss would be $7.4 billion if the divestment occurred on July 26, 2019. WEB, follow-up-from-last-weeks-note,weblink GE.com, General Electric, 20 August 2019, English, Mr. Markopolos noted that BHGE is an asset available for sale and therefore mark-to-market accounting is required. WEB, Harry Markopolos explains fraud accusations against GE,weblink YouTube.com, CNN Business, 21 August 2019, MM:SS=5:17, English, August 16, 2019, "They should have marked it to market",

Current ratio of 0.67

Mr. Markopolos noted GE's current ratio was only 0.67.WEB, General Electric whistleblower: 'I think I have a few smoking guns' Harry Markopolos reveals fraud,weblink YouTube.com, Yahoo Finance, 21 August 2019, English, M:SS=1.47, August 15, 2019, GE is hiding $29B in long-term care losses, He expressed concerns that GE may file for bankruptcy if there is a recession. WEB, Madoff whistleblower Harry Markopolos details fraud allegations against General Electric,weblink YouTube / CNBC, 21 August 2019, M:SS=5:56, August 15, 2019, Harry Markopolos on GE "Heading for bankruptcy",

Other

In 2018, the GE Pension Plan reported losses of $US 3.3 billion on plan assets.WEB, General Electric, 2018 General Electric Annual Report,weblink GE.com, General Electric, 21 August 2019, 130, English, Actual gain (loss) on plan assets - 2018 Principal pension plans ($2,996) millions 2018 Other pension plans ($299) millions, In 2018, General Electric changed the discount rate used to calculate the actuarial liabilities of its pension plans. The rate was increased from 3.64% to 4.34%. WEB, General Electric, 2018 Annual Report - General Electric,weblink GE.com, 20 August 2019, 39, English, Consequently, the reported liability for the underfunded pension plans decreased by $7 billion year-over-year, from $34.2 billion in 2017 to $27.2 billion in 2018. WEB, General Electric, 2018 Annual Report - General Electric,weblink GE.com, 20 August 2019, 39, English, In October 2018, General Electric announced it would "freeze pensions" for about 20,000 salaried U.S. employees. The employees will be moved to a defined-contribution retirement plan in 2021.WEB, Alwyn Scott, Ankit Ajmera, GE to freeze, pre-pay pensions to save up to $8 billion, cut debt,weblink Reuters, 12 October 2019, English, October 7, 2019,

Financial Performance

{| class="wikitable float-left" style="text-align: right;"!Year!Revenuein mil. US$!Net incomein mil. US$!Total assetsin mil. US$!Price per sharein US$!EmployeesLAST=DATE=ACCESS-DATE=, |136,580|16,720|673,321|22.35||2006|151,568|20,742|696,683|22.43|LAST=DATE=ACCESS-DATE=, |172,488|22,208|795,683|25.44|LAST=DATE=ACCESS-DATE=, |181,581|17,335|797,769|19.44|LAST=DATE=ACCESS-DATE=, |154,438|10,725|781,901|9.96|LAST=DATE=ACCESS-DATE=, |149,567|11,344|747,793|12.68|LAST=DATE=ACCESS-DATE=, |146,542|13,120|718,189|14.32|LAST=DATE=ACCESS-DATE=, |146,684|13,641|684,999|16.56|LAST=DATE=ACCESS-DATE=, |113,245|13,057|656,560|20.32|307,000LAST=DATE=ACCESS-DATE=, |117,184|15,233|654,954|22.72|305,000LAST=DATE=ACCESS-DATE=, |117,386|−6,145|493,071|24.28|333,000LAST=DATE=ACCESS-DATE=, |123,693|8,176|365,183|28.36|295,000WEBSITE=ANNUALREPORTS.COMARCHIVE-DATE=NOVEMBER 18, 2018, dead, |122,092|−6,222|377,945|25.02|313,000LAST=DATE=ACCESS-DATE=, |121,615|−22,802|309,129|12.71|283,000

Dividends

In 2018, GE reduced its quarterly dividend from $0.12 to $0.01 per share. WEB, 2018 Annual Report,weblink General Electric, General Electric, 20 August 2019, 8, English,

Stock

As a publicly-traded company on the New York Stock Exchange, GE stock was one of the 30 components of the Dow Jones Industrial Average from 1907 to 2018, the longest continuous presence of any company on the index, and during this time the only company which was part of the original Dow Jones Industrial Index created in 1896.WEB,weblink GE Fact Sheet, GE, January 25, 2017, On June 26, 2018, the stock was removed from the index and replaced with Walgreens Boots Alliance.NEWS,weblink GE Says Goodbye to the Dow, 2018-06-20, Nasdaq.com, 2018-06-21, en-us, In the years leading to its removal, GE was the worst performing stock in the Dow, falling more than 55 percent year on year and more than 25 percent year to date.WEB,weblink Worst isn't over for General Electric, predicts ex-GE transportation CEO, Michelle Fox, June 20, 2018, File:Linear GE Stock Price Graph 1962-2013.png|Linear GE stock price graph 1962–2013File:GE Trading Volume Graph.png|GE trading volume graph

Bribery

In July 2010, General Electric was willing to pay $23.4 million to settle a SEC complaint, as GE bribed Iraqi government officials to win contracts under the U.N. oil-for-food program. WEB,weblink GE to settle SEC charges of foreign bribery,

Corporate affairs

File:GeneralElectricSign.jpg|thumb|right|A General Electric neon signneon signIn 1959, General Electric was accused of promoting the largest illegal cartel in the United States since the adoption of the Sherman Antitrust Act. (1890) in order to maintain artificially high prices. In total, 29 companies and 45 executives will be convicted. Subsequent parliamentary inquiries revealed that "white-collar crime" was by far the most costly form of crime for the United States' finances.The American Way of Crime: From Salem to WatergateGE is a multinational conglomerate headquartered in Boston, Massachusetts.WEB,weblink US SEC: Form 10-K General Electric Company, U.S. Securities and Exchange Commission, June 11, 2018, However its main offices are located at 30 Rockefeller Plaza at Rockefeller Center in New York City, known now as the Comcast Building.{{update inline|date=May 2019}}WEB,weblink Company Search, EDGAR System, Securities and Exchange Commission, December 21, 2015, header, It was formerly known as the GE Building for the prominent GE logo on the roof; NBC's headquarters and main studios are also located in the building. Through its RCA subsidiary, it has been associated with the center since its construction in the 1930s. GE moved its corporate headquarters from the GE Building on Lexington Avenue to Fairfield, Connecticut in 1974.WEB,weblinkweblink" title="web.archive.org/web/20150812060907weblink">weblink dead, August 12, 2015, As G.E. fumes over Connecticut tax hike, New York calls - Capital New York, August 12, 2015, December 27, 2018, In 2016, GE announced a move to the South Boston Waterfront neighborhood of Boston, Massachusetts, partly as a result of an incentive package provide by state and city governments. The first group of workers arrived in the summer of 2016, and the full move will be completed by 2018.NEWS,weblink Boston lands new GE headquarters, Boston Globe,weblink December 2, 2017, January 13, 2016, NEWS, Mann, Ted, Kamp, Jon,weblink General Electric to Move Headquarters to Boston, The Wall Street Journal, January 13, 2016, January 13, 2016, PRESS RELEASE, GE Moves Headquarters to Boston,weblink General Electric, January 13, 2016, September 22, 2016, {{Update inline|date=February 2019}} Due to poor financial performance and corporate downsizing, GE sold the land it planned to build its new headquarters building on, instead choosing to occupy neighboring leased buildings.WEB,weblink GE Sells Fort Point HQ For $252 Million, www.wbur.org, August 11, 2019, GE'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.PRESS RELEASE, IRS e-file Moves Forward; Successfully Executes Electronic Filing of Nation's Largest Tax Return, United States Department of the Treasury—Internal Revenue Service, May 31, 2006,weblink December 23, 2018, The company also "spends more on U.S. lobbying than any other company."Carney, Timothy (April 7, 2011) Want to know how GE paid $0 income taxes? Think green.{{dead link|date=May 2017 |bot=InternetArchiveBot |fix-attempted=yes }}, Washington ExaminerIn 2005, GE launched its "Ecomagination" initiative in an attempt to position itself as a "green" company.GE is one of the biggest players in the wind power industry, and is developing environment-friendly products such as hybrid locomotives, desalination and water reuse solutions, and photovoltaic cells. The company "plans to build the largest solar-panel-making factory in the U.S.," and has set goals for its subsidiaries to lower their greenhouse gas emissions.PRESS RELEASE, GE Launches Ecomagination to Develop Environmental Technologies; Company-Wide Focus on Addressing Pressing Challenges, General Electric, May 9, 2005,weblink January 15, 2007, dead,weblink" title="web.archive.org/web/20120123134840weblink">weblink January 23, 2012, On May 21, 2007, GE announced it would sell its GE Plastics division to petrochemicals manufacturer SABIC 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.NEWS, Deutsch, Claudia, General Electric to Sell Plastics Division, The New York Times, May 22, 2007,weblink December 25, 2009, In February 2017, GE announced that the company intends to close the gender gap by promising to hire and place 20,000 women in technical roles by 2020. The company is also seeking to have a 50:50 male to female gender representation in all entry-level technical programs.NEWS, O'Reilly, Lara,weblink 'What if female scientists were celebrities?': GE says it will place 20,000 women in technical roles by 2020, Business Insider, February 8, 2017, February 9, 2017, In October 2017, GE announced they would be closing research and development centers in Shanghai, Munich and Rio de Janeiro. The company spent $5 billion on R&D in the last year.NEWS, Gryta, Thomas, Lublin, Joann S.,weblink GE's New Chief Makes Cuts, Starting With Old Favorites, The Wall Street Journal, October 18, 2017, October 19, 2017, On February 25, 2019, GE sold its diesel locomotive business to Westinghouse Air Brake Technologies Corporation (WAB), also known as Wabtec.WEB,weblink General Electric: The Deed Is Done, Daniel, Jones, March 1, 2019, Seeking Alpha, August 11, 2019,

CEO

{{as of|2018|October|}}, John L. Flannery was replaced by H. Lawrence Culp Jr. as Chairman and CEO in a unanimous vote of the GE Board of Directors.WEB, H. LAWRENCE CULP, JR. NAMED CHAIRMAN AND CEO OF GEpublisher=General Electric date= October 1, 2018, October 1, 2018, mdy-all, John L. Flannery had succeeded Jeffrey Immelt as chief executive officer and chairman of the board of GE.WEB, JOHN FLANNERY NAMED CHAIRMAN AND CEO OF GEpublisher=General Electric date= June 12, 2017, June 12, 2017, mdy-all,

Corporate recognition and rankings

In 2011, Fortune ranked GE the sixth-largest firm in the U.S.,NEWS,weblink Fortune 500 2017, Fortune, June 14, 2017, 2017, and the 14th-most profitable. Other rankings for 2011/2012 include the following:WEB,weblink GE rankings, Ranking the Brands, December 17, 2010,weblink" title="web.archive.org/web/20110603120405weblink">weblink June 3, 2011, dead, mdy-all,
  • 18 company for leaders (Fortune)
  • 6 best global brand (Interbrand)
  • 82 green company (Newsweek)
  • 91 most admired company (Fortune)
  • 19 most innovative company (Fast Company).
In 2012, GE's brand was valued at $28.8 billion.WEB,weblink Best Global Brands Ranking for 2010, Interbrand, February 15, 2011, dead,weblink" title="web.archive.org/web/20110212184731weblink">weblink February 12, 2011, CEO Jeff Immelt had a set of changes in the presentation of the brand commissioned in 2004, after he took the reins as chairman, to unify the diversified businesses of GE.{{citation needed|date=January 2017}}The changes included a new corporate color palette, small modifications to the GE logo, a new customized font (GE Inspira) and a new slogan, "Imagination at work", composed by David Lucas, to replace the slogan "We Bring Good Things to Life" used since 1979.WEB,weblink GE Drops Its Slogan, Tara Murphy, January 16, 2003, Forbes, The standard requires many headlines to be lowercased and adds visual "white space" to documents and advertising. The changes were designed by Wolff Olins and are used on GE's marketing, literature and website. In 2014, a second typeface family was introduced: GE Sans and Serif by Bold Monday created under art direction by Wolff Olins.WEB,weblink Bold Monday – independent font foundry of high quality type, Boldmonday.com, {{as of|2016}}, GE had appeared on the Fortune 500 list for 22 years and held the 11th rank.WEB,weblink General Electric, 2015, Fortune 500, Beta.fortune.com, July 19, 2016,weblink" title="web.archive.org/web/20160709182309weblink">weblink July 9, 2016, dead, GE was removed from the Dow Jones Industrial Average on June 28, 2018, after the value had dropped below 1% of the index's weight.WEB,weblink GE is getting booted from the Dow Jones industrial average, Oyedele, Akin, June 20, 2018, BusinessInsider.com, 2 August 2018, {| class="wikitable sortable" style="float:right"|+ Ranking in Fortune 500! Year !! Rank| 7| 5| 5| 5| 6| 5| 6| 5| 5| 5| 7| 6| 6| 5| 4| 6| 6| 8| 9| 8| 11|2017|13|2018|18|2019|21

Businesses

{{as of|2019|April|}}, GE's primary business divisions are: The former GE Transportation division merged with Wabtec on February 25, 2019, leaving GE with a 24.9% holding in Wabtec.WEB, Next Stop, Wabtec: GE Completes Spin-Off And Merger Of Its Transportation Unit,weblink General Electric, April 28, 2019, The former GE Appliances and Lighting segment was dissolved in 2014 when GE's appliance division was sold to Haier for $5.4 billion. GE Lighting (consumer lighting) and the newly created Current, powered by GE, which deals in commercial LED, solar, EV, and energy storage, became stand-alone businesses within the company,NEWS,weblink It's official: GE Appliances belongs to Haier, THOMPSON, ASHLEE CLARK, cnet, until the sale of the later to American Industrial Partners in April 2019WEB,weblink American Industrial Partners Completes Acquisition of Current, powered by GE, www.currentbyge.com, August 11, 2019, Through these businesses, GE participates in markets that include the generation, transmission and distribution of electricity (e.g. nuclear, gas and solar), lighting, industrial automation, medical imaging equipment, motors, railway locomotives, aircraft jet engines, and aviation services. Through GE Commercial Finance, GE Consumer Finance, GE Equipment Services, and GE Insurance it offers a range of financial services. It has a presence in over 100 countries.WEB, Fact Sheet,weblink General Electric, April 21, 2016, File:LocomotiveGaugesSRM.jpg|thumb|GE gauges to control a railway locomotive at a museum near SaskatoonSaskatoonGeneral Imaging manufacturers GE digital cameras.WEB,weblink VIDEO – General Imaging's blink detection cameras, TG Daily, February 6, 2008, April 23, 2012,weblink" title="web.archive.org/web/20120616075106weblink">weblink June 16, 2012, dead, mdy-all, Even though the first wave of conglomerates (such as ITT Corporation, 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.WEB, Westinghouse RIP,weblink The Economist, April 21, 2016, November 27, 1997, On May 4, 2008, it was announced that GE would auction off its appliances business for an expected sale of $5–8 billion.WEB, GE confirms it's exiting appliance business, MSNBC, May 16, 2008,weblink December 25, 2009, However, this plan fell through as a result of the recession.WEB, Wason, Eleanor, GE's planned spin-off signals failed auction,weblink Reuters, April 21, 2016, {{as of|August 2015}} GE is planning to set up a silicon carbide chip packaging R&D center in coalition with SUNY Polytechnic Institute in Utica, New York. The project will create 470 jobs with the potential to grow to 820 jobs within 10 years.WEB,weblink GE putting silicon carbide chip packaging R&D center in Utica, timesunion.com, August 20, 2015, On September 14, 2015, GE announced the creation of a new unit: GE Digital, which will bring together its software and IT capabilities. The new business unit will be headed by Bill Ruh, who joined GE in 2011 from Cisco Systems and has since worked on GE's software efforts.NEWS, GE forms digital unit, says energy management head to retire,weblink Reuters, September 14, 2015, October 5, 2015,

Environmental record

Pollution

GE has a history of some of its activities giving rise to large-scale air and water pollution. Based on data from 2000,WEB,weblinkweblink" title="web.archive.org/web/20060902163819weblink">weblink September 2, 2006, Political Economy Research Institute Toxic 100 Corporate Toxics Information Project Technical Notes, dead, June 1, 2016, . Retrieved November 9, 2007. researchers at the Political Economy Research Institute listed the corporation as the fourth-largest corporate producer of air pollution in the United States, with more than 4.4 million pounds per year (2,000 tons) of toxic chemicals released into the air.WEB,weblinkweblink" title="web.archive.org/web/20070927204419weblink">weblink September 27, 2007, Political Economy Research Institute, September 27, 2007, April 23, 2012, GE has also been implicated in the creation of toxic waste. According to EPA documents, only the United States Government, Honeywell, and Chevron Corporation are responsible for producing more Superfund toxic waste sites.EPA Document Lists Firms Tied to Superfund Sites The Center for Public Integrity {{webarchive |url=https://web.archive.org/web/20090214015455weblink |date=February 14, 2009 }}In 1983, New York State Attorney General Robert Abrams filed suit in the United States District Court for the Northern District of New York to compel GE to pay for the clean-up of what was claimed to be more than 100,000 tons of chemicals dumped from their plant in Waterford, New York.The Region; G.E. Plant Accused Of Water Pollution", The New York Times, January 21, 1983 In 1999, the company agreed to pay a $250 million settlement in connection with claims it polluted the Housatonic River (Pittsfield, Massachusetts) and other sites with polychlorinated biphenyls (PCBs) and other hazardous substances.GE agrees to $250 million Settlement to Clean Up PCBs in Housatonic River, Department of Justice news release, October 7, 1999In 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.EPA issues unilateral administrative order to General Electric Company in Rome, Georgia United States Environmental Protection AgencyThe nuclear reactors involved in the 2011 crisis at Fukushima I in Japan were GE designs,WEB,weblink General Electric-designed reactors in Fukushima have 23 sisters in U.S, Openchannel.msnbc.msn.com, April 23, 2012, dead,weblink" title="web.archive.org/web/20120320141531weblink">weblink March 20, 2012, and the architectural designs were done by Ebasco,WEB,weblink Nuclear Reactor Maps: Fukushima-Daiichi, Nuctrans.org, April 23, 2012, dead,weblink" title="web.archive.org/web/20130115221836weblink">weblink January 15, 2013, formerly owned by GE. Concerns over the design and safety of these reactors were raised as early as 1972, but tsunami danger was not discussed at that time.WEB,weblink Fukushima: Mark 1 Nuclear Reactor Design Caused GE Scientist To Quit In Protest, ABC, US, March 15, 2011, April 23, 2012, {{As of|2014}}, the same model nuclear power reactors designed by GE are operating in the US,NEWS,weblink Archives | The Philadelphia Inquirer, www.inquirer.com, August 11, 2019, such as the controversial Pilgrim Nuclear Generating Station, in Plymouth, Massachusetts.

Pollution of the Hudson River

GE heavily contaminated the Hudson River with polychlorinated biphenyls (PCBs) between 1947 and 1977.WEB, Hudson River PCBs – Background and Site Information, United States Environmental Protection Agency,weblink December 31, 2007, This pollution caused a range of harmful effects to wildlife and people who eat fish from the river or drink the water.WEB, National Priorities List Fact Sheets: Hudson River PCBs, EPA,weblink December 31, 2007, dead,weblink" title="web.archive.org/web/20071201054957weblink">weblink December 1, 2007, In response to the contamination, activists protested in various ways. Musician Pete Seeger founded the Hudson River Sloop Clearwater and the Clearwater Festival to draw attention to the problem. In 1983, the United States Environmental Protection Agency (EPA) declared a 200-mile (320 km) stretch of the river, from Hudson Falls to New York City, to be a Superfund site requiring cleanup. This Superfund site is considered to be one of the largest in the nation.NEWS, Gerry, Harrington, Movement afoot to name bridge after Pete Seeger,weblink United Press International, January 31, 2014, February 3, 2014, Other sources of pollution, including mercury contamination and sewage dumping, have also contributed to problems in the Hudson River watershed.JOURNAL, Levinton, J.S., Ochron, S.T.P., 2008, Temporal and geographic trends in mercury concentrations in muscle tissue in five species of hudson river, USA, fish, Environmental Toxicology and Chemistry, 27, 8, 1691–1697, 10.1897/07-438.1, 18266478, WEB, Hudson River Estuary Program: Cleaning the river: Improving water quality, New York State Department of Environmental Conservation (NYSDEC). Albany, NY., 24, 2007,weblink December 31, 2007,weblink" title="web.archive.org/web/20080227042436weblink">weblink February 27, 2008, dead, mdy,

Pollution of the Housatonic River

From {{circa|1932}} until 1977, GE polluted the Housatonic River with PCB discharges from its plant at Pittsfield, Massachusetts. EPA designated the Pittsfield plant and several miles of the Housatonic to be a Superfund site in 1997, and ordered GE to remediate the site.U.S. Environmental Protection Agency (EPA). Boston, MA. GE/Housatonic River Site in New England: Site History and Description." {{webarchive |url=https://web.archive.org/web/20110519121339weblink |date=May 19, 2011 }} November 12, 2009. Aroclor 1254 and Aroclor 1260, made by Monsanto was the primary contaminant of the pollution.WEB, Understanding PCB Risks at the GE-Pittsfield/Housatonic River Site,weblink US EPA, September 25, 2015, WEB, Gay, Frederick, Distribution of Polychlorinated Biphenyls in the Housatonic River and Adjacent Aquifer, Massachusetts,weblink USGS, September 25, 2015, The highest concentrations of PCBs in the Housatonic River are found in Woods Pond in Lenox, Massachusetts, just south of Pittsfield, where they have been measured up to 110 mg/kg in the sediment. About 50% of all the PCBs currently in the river are estimated to be retained in the sediment behind Woods Pond dam. This is estimated to be about {{convert|11,000|lb|kg}} of PCBs. Former filled oxbows are also polluted.WEB, Former Filled Oxbows of the GE-Pittsfield/Housatonic River Site,weblink US EPA, US Environmental Protection Agency, October 1, 2015, Waterfowl and fish who live in and around the river contain significant levels of PCBs and can present health risks if consumed.WEB, If I Catch It, Can I Eat It? A Guide to Eating Fish Safely – 2015 Connecticut Fish Consumption Advisory Site,weblink Connecticut Department of Public Health, October 28, 2015, dead,weblink September 7, 2015, mdy, WEB, General State-wide Advice for Eating Recreationally Caught Fish and Waterfowl In Massachusetts,weblink Mass.gov, MDPH, October 28, 2015, WEB, Rest of River of the GE-Pittsfield/Housatonic River Site,weblink September 25, 2015,

Environmental initiatives

File:GE Schenectady.JPG|thumb|right|GE facility in Schenectady, New YorkSchenectady, New York(File:EVChargingMarkham.jpg|thumb|upright|A General Electric EV charging station in North America)On June 6, 2011, GE announced that it has licensed solar thermal technology from California-based eSolar for use in power plants that use both solar and natural gas.Martin LaMonica, CNET. "GE invests in eSolar for combined solar, gas plants." June 6, 2011. Retrieved June 6, 2011.On May 26, 2011, GE unveiled its EV Solar Carport, a carport that incorporates solar panels on its roof, with electric vehicle charging stations under its cover.Candace Lombardi, CNET. "Solar power carport charges cars in Connecticut." May 26, 2011. Retrieved May 26, 2011.In May 2005, GE announced the launch of a program called "Ecomagination", intended, in the words of CEO Jeff 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".WEB,weblink Ecomagination: Inside GE's Power Play, Worldchanging.com, February 22, 1999, April 23, 2012, dead,weblink" title="web.archive.org/web/20120519111651weblink">weblink May 19, 2012, mdy-all, The announcement prompted an op-ed piece in 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."WEB,weblink Opinion | Talking Green, Acting Dirty, Ned, Sullivan, Rich, Schiafo, June 12, 2005, August 11, 2019, NYTimes.com, GE has said that it will invest $1.4 billion in clean technology research and development in 2008 as part of its Ecomagination initiative. As of October 2008, the scheme had resulted in 70 green products being brought to market, ranging from halogen lamps to biogas engines. In 2007, GE raised the annual revenue target for its Ecomagination initiative from $20 billion in 2010 to $25 billion following positive market response to its new product lines.WEB,weblink GE cleantech sales to top $17 billion this year, Businessgreen.com, October 27, 2008, April 23, 2012, In 2010, GE continued to raise its investment by adding $10 billion into Ecomagination over the next five years.VentureBeat, Camille Ricketts. "GE Pumps 10B More Into Green Technology R&D." June 24, 2010.GE Energy's renewable energy business has expanded greatly, to keep up with growing U.S. and global demand for clean energy. Since entering the renewable energy industry in 2002, GE has invested more than $850 million in renewable energy commercialization. In August 2008 it acquired Kelman Ltd,WEB,weblink GE Energy Acquires Kelman Limited, Renewableenergyworld.com, August 18, 2008, April 23, 2012, a Northern Ireland-based company specializing in advanced monitoring and diagnostics technologies for transformers used in renewable energy generation, and announced an expansion of its business in Northern Ireland in May 2010.WEB,weblinkweblink" title="archive.today/20120703134817weblink">weblink dead, Inside Ireland, July 3, 2012, July 3, 2012, Archive.today, In 2009, GE's renewable energy initiatives, which include solar power, wind power and GE Jenbacher gas engines using renewable and non-renewable methane-based gases,GE's ecomagination, Certified Clarke Energy Jenbacher Power Plant Commissioned at Australian Coal Mine to Help Reduce Greenhouse Gas Emissions, 2008, Gepower.com, Accessed April 14, 2011 employ more than 4,900 people globally and have created more than 10,000 supporting jobs.WEB,weblink GE illustrates broad spectrum of alternative energy projects, Reliableplant.com, April 23, 2012, dead,weblink" title="web.archive.org/web/20120311061301weblink">weblink March 11, 2012, mdy-all, GE Energy and Orion New Zealand Limited (Orion) have announced implementation of the first phase of a GE network management system to help improve power reliability for customers. GE's ENMAC Distribution Management System is the foundation of Orion's initiative. The system of smart grid technologies will significantly improve the network company's ability to manage big network emergencies and help it to restore power faster when outages occur.In June 2018, GE Volunteers, an internal group of GE Employees, along with Malaysian Nature Society transplanted more than 270 plants from the Taman Tugu forest reserve so that they may be replanted in the forest trail which is under construction.

Educational initiatives

GE Healthcare is collaborating with The Wayne State University School of Medicine and the Medical University of South Carolina to offer an integrated radiology curriculum during their respective MD Programs led by investigators of the Advanced Diagnostic Ultrasound in micro-gravity study.Jultrasoundmet.org {{webarchive|url=https://web.archive.org/web/20100713124805weblink |date=July 13, 2010 }}, A Pilot Study of Comprehensive Ultrasound Education at the Wayne State University School of Medicine GE has donated over one million dollars of Logiq E Ultrasound equipment to these two institutions.WEB,weblink GE Healthcare-Product Features-Henry Ford Hospital and Wayne State University School of Medicine Partner with GE, October 9, 2009, dead,weblink" title="web.archive.org/web/20081202081815weblink">weblink December 2, 2008,

Marketing initiatives

2011–2013 content-marketing campaigns

Between September 2011 and April 2013, GE ran a content marketing campaign dedicated to telling the stories of "innovators—people who are reshaping the world through act or invention". The initiative included 30 3-minute films from leading documentary film directors (Albert Maysles, Jessica Yu, Leslie Iwerks, Steve James, Alex Gibney, Lixin Fan, Gary Hustwit and others), and a user-generated competition that received over 600 submissions, out of which 20 finalists were chosen.WEB, Fera, Rae Ann, GE TELLS THE STORIES OF THE WORLD'S INNOVATORS WITH "FOCUS FORWARD",weblink Fast Co.Create, April 26, 2013, Short Films, Big Ideas was launched at the 2011 Toronto International Film Festival in partnership with cinelan. Stories included breakthroughs in Slingshot (water vapor distillation system), cancer research, energy production, pain management and food access. Each of the 30 films received world premiere screenings at a major international film festival, including the Sundance Film Festival and the Tribeca Film Festival. The winning amateur director film, The Cyborg Foundation, was awarded a {{US$|100000}} prize at the 2013 at Sundance Film Festival.WEB, Patten, Dominic, Sundance: 'Cyborg Foundation' Wins Focus Forward Filmmaker Competition,weblink Deadline.com, 10 July 2018, According to GE, the campaign garnered more than 1.5 billion total media impressions, 14 million online views, and was seen in 156 countries.WEB,weblink GE Tells The Stories Of The World’s Innovators With "Focus Forward", Fera, Rae Ann, 2013-04-26, Fast Company, en-US, 2019-06-16,

Sponsorships

{{see also|General Electric Theater}}In January 2017, GE signed an estimated $7 million deal with the Boston Celtics to have its corporate logo put on the NBA team's jersey.WEB,weblink General Electric inks deal to put logo on Boston Celtics jerseys, Atkinson, Claire, January 26, 2017, New York Post, January 28, 2017,

Political affiliation

In the 1950s GE sponsored Ronald Reagan's TV career and launched him on the lecture circuit as a crusader against big government. GE's record with designing social programs, supporting civil rights organizations, and funding minority education programs, speaks to their effort to support philanthropic programs.William Greider (1992) Who Will Tell The People. Simon & Schuster. New York NY. p. 336. {{ISBN|0-671-68891-X}}.

Notable appearances in media

In the early 1950s Kurt Vonnegut was a writer for GE. A number of his novels and stories (notably Cat's Cradle and Player Piano) refer to the fictional city of Ilium, which appears to be loosely based on Schenectady, New York.WEB,weblink Cat's Cradle, Sparknotes.com, The Ilium Works is the setting for the short story "Deer in the Works".In 1981, GE won a Clio award for its :30 Soft White Light Bulbs commercial, We Bring Good Things to Life.AV MEDIA,weblink 1981 – Commercial – GE/General Electric – Soft White Light Bulbs – We bring good things to life., July 18, 2010, YouTube, The slogan "We Bring Good Things to Life" was created by Phil Dusenberry at the ad agency BBDO.NEWS,weblink Q&A: Phil Dusenberry, AdWeek, December 8, 2016, GE was the primary focus of a 1991 short subject Academy Award-winning documentary, Deadly Deception: General Electric, Nuclear Weapons, and Our Environment,WEB,weblink Deadly Deception: General Electric, Nuclear Weapons, and Our Environment, Newday.com, April 23, 2012, that juxtaposed GE's "We Bring Good Things To Life" commercials with the true stories of workers and neighbors whose lives have been affected by the company's activities involving nuclear weapons.WEB,weblinkweblink" title="web.archive.org/web/20060621082431weblink">weblink June 21, 2006, Nuclear Weaponmakers Campaign – Corporate Accountability International – Challenging Abuse, Protecting People – Think Outside the Bottle – challenging the bottled water industry, June 21, 2006, April 23, 2012, In 2013, GE received a National Jefferson Award for Outstanding Service by a Major Corporation.Jefferson Awards Announces Strategic Alliance with the NFL Player Engagement, Charles Fazzino and IvyConnect, While Celebrating 41 Years of Honoring Service to Others. Prweb.com. Retrieved on August 16, 2013.

See also

References

{{Reflist}}

Further reading

  • Carlson, W. Bernard. Innovation as a Social Process: Elihu Thomson and the Rise of General Electric, 1870–1900 (Cambridge: Cambridge University Press, 1991).
  • Woodbury, David O. Elihu Thomson, Beloved Scientist (Boston: Museum of Science, 1944)
  • Haney, John L. The Elihu Thomson Collection American Philosophical Society Yearbook 1944.
  • Hammond, John W. Men and Volts: The Story of General Electric, published 1941, 436 pages.
  • Mill, John M. Men and Volts at War: The Story of General Electric in World War II, published 1947.
  • Irmer, Thomas. Gerard Swope. In Immigrant Entrepreneurship: German-American Business Biographies, 1720 to the Present, vol. 4, edited by Jeffrey Fear. German Historical Institute.

External links

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