Founding Date: April 15, 1892
Company’s Name: General Electric
Industry: Multinational Conglomerate
Company Website: www.ge.com
General Electric, which is often abbreviated as just GE, is located in New York, with its headquarters in Boston, Massachusetts.
On using the key0word General Electric and searching the Google Web, we get their main corporate page link at the very beginning as the Digital Industrial Company with page links directing to their twitter feed. We also come across a Wikipedia link of the page with innumerous image suggestions of the company’s logos and the products and services they deal in. We also get their subsidiary pages with job openings in various countries, like GE Carees, India. Their LinkedIn profile link appears with more information on their stock and finance in pages like Google Finance and Bloomberg Markets.
The Conception of General Electric
General Electric was found 124 years ago in April 15, 1892 and grew to be a multinational conglomerate corporation in the United States of America. Thomas Edison, Charles A. Coffin, Elihu Thomson and Edwin J. Houston founded the company and presently, it operates via a number of segments.
In 1896, it formed the list of the original 12 companies of the newly incorporate Dow Jones Industrial Average.
Presently, after a span of 120 years, it is the company that has made it to the original list of Dow Jones Industrial Average. Thomas Edison harbored many business interests around the 1880’s and in 1889 Drexel Morgan Co. not only financed his entire research but also led to a merger of the companies to form Edison General Electric Company with its main active arena at New York. A lot of important acquisitions have taken place ever since. They acquired Sprague Electric Railway & Motor Company in the same year and Gerald Walto Hart in 1880 led to the creation of American Electric Company in Britain which merged with Thomson-Houston Electric Company, led by Coffin. With the initiative being taken by Drexel Morgan Co, a merger of Edison General Electric Company of New York and Thomson Houston Electric Company of Massachusetts took place in 1892.
The Operations of General Electric Company
The General Electric Company operates via a number of segments, namely, Transportation and Capital, Aviation, Healthcare, Oil & Gas, Power & Water. The segment Transportation and Capital includes within itself, Medical devices, financial services, Life Sciences, Pharmaceutical, Software Development and Engineering Industries and Automotive Industries.
In 2012, it ranked as the 14th most profitable and 68th largest firm in the United States, under Fortune 500. Two employees, namely Irving Langmuir and Ivar Giaever have earned the Noble Prize. It also operates through a number of subsidiaries, which include, GE Aviation, GE Capital, GE Energy, GE Transportation, GE Oil and Gas, GE Healthcare and GE Home & Business Solutions.
Its main products include wind turbines, weapons, water, software, oil, locomotives, lighting, healthcare, gas, finance, energy, electric motors, electrical distribution, aircraft engines and appliances. It deals in a range of diversified commodities, products and services. As of 2016, it generated total revenue of US$123.7 billion. The former GE Lighting and Appliances was dissolved in the year 2014 and sold to Haier for $5.4 billion. Their consumer lighting system known as GE Lighting and newly formed powered by GE Current which includes commercial LED, solar, EV and Energy storage are now important stand-alone business elements owned by the company.
In 2016, GE Renewable Energy acquired Doughty Hanson & Co.’s LM Wind Power. In 2014, it acquired the global power division of Alstom, the French Engineering Group. Between 2015 and 2016, it sold most of its finance portfolios and appliance divisions.
It has donated equipment of Logic E Ultrasound worth one million dollars to Wayne State University School of Medicine and Medical University of South California besides offering students an integrated radiology curriculum for their educational benefit. It uses solar and natural gases and launches programs like Ecoimagination to research solar energy and provide for a better future.
Awards and Recognitions
In 2012, it was ranked the 6th largest and 14th most profitable firm in the United States by Fortune 500. It was also the 19th most innovative company by Fast Company and 6 best global brand by Interbrand besides 82nd green company by Newsweek.