PolyGram renames Casablanca Record & Filmworks to PolyGram Pictures MCA Videocassette‚ Inc. (laterUniversal Pictures Home Entertainment) is established
1983
PolyGram Pictures closes
1984
Walter Lantz Productions' assets are sold to Universal Telemundo is founded
1986
General Electric re-purchases its former subsidiaryRCA for $6.4 billion, including NBC and a stake inA&E
Seagram acquires PolyGram Filmed Entertainment Barry Diller purchases Universal's domestic television assets Universal Television is renamed Studios USA Television
1999
PolyGram Filmed Entertainment is folded into Universal Pictures PolyGram Video is renamed USA Home Entertainment Universal Studios Florida expands to becomeUniversal Orlando Resort
2000
Seagram is sold toVivendi and merged withStudioCanal to become Vivendi Universal Entertainment
Over the years, the company had multiple divisions, includingaerospace,transportation,energy,healthcare, lighting, locomotives, appliances, andfinance.[7][8][9][10] In 2020, GE ranked among theFortune 500 as the 33rd largest firm in the United States bygross revenue.[11] In 2023, the company was ranked 64th in theForbes Global 2000.[12] In 2011, GE ranked among the Fortune 20 as the 14th most profitable company, but later very severely underperformed the market (by about 75%) as its profitability collapsed.[13][14][15] Two employees of GE—Irving Langmuir (1932) andIvar Giaever (1973)—have been awarded theNobel Prize.[16] From 1986 until 2013, GE was the owner of theNBC television network through its purchase of its former subsidiaryRCA before its acquisition of NBC's parent companyNBCUniversal byComcast in 2011.
Following theGreat Recession of the late 2000s, General Electric began selling off various divisions and assets, including itsappliances andfinancial capital divisions, underJeff Immelt's leadership as CEO. John Flannery, Immelt's replacement in 2017, further divested General Electric's assets inlocomotives andlighting in order to focus the company more on aviation. Restrictions onair travel during the COVID-19 pandemic caused General Electric's revenue to fall significantly in 2020. Ultimately, GE's final CEOLarry Culp[17] announced in November 2021 that General Electric was to be broken up into three separate, public companies by 2024.GE Aerospace, the aerospace company, is GE's legal successor.GE HealthCare, thehealth technology company, was spun off from GE in 2023.GE Vernova, the energy company, was founded when GE finalized the split. Following these transactions, GE Aerospace took the General Electric name and ticker symbols, while the old General Electric ceased to exist as a conglomerate.[17]
Henry Villard, a long-time Edison supporter and investor, proposed to consolidate all of these business interests.[20] The proposal was supported bySamuel Insull - who served as his secretary and, later, financier[21] - as well other investors.[20] In 1889,Drexel, Morgan & Co.—a company founded by J. P. Morgan andAnthony J. Drexel—financed Edison's research and helped merge several of Edison's separate companies under one corporation, forming Edison General Electric Company, which was incorporated in New York on April 24, 1889. The new company acquiredSprague Electric Railway & Motor Company in the same year.[22][23] The consolidation did not involve all of the companies established by Edison; notably, theEdison Illuminating Company, which would later becomeConsolidated Edison, was not part of the merger.[citation needed]
In 1880, Gerald Waldo Hart formed the American Electric Company ofNew Britain, Connecticut, which merged a few years later withThomson-Houston Electric Company, led byCharles Coffin. In 1887, Hart left to become superintendent of the Edison Electric Company.[24] General Electric was formed through the 1892 merger of Edison General Electric Company and Thomson-Houston Electric Company with the support of Drexel, Morgan & Co.[23] The original plants of both companies continue to operate under the GE banner to this day.[25]
The General Electric business 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.[26]
In 1896, General Electric was one of theoriginal 12 companies listed on the newly formedDow Jones Industrial Average,[31] where it remained a part of the index for 122 years, though not continuously.[32]
In 1911, General Electric absorbed the National Electric Lamp Association (NELA) into its lighting business. GE established its lighting division headquarters atNela Park inEast Cleveland, Ohio. The lighting division has since remained in the same location.[33]
Owen D. Young, who was then GE's general counsel and vice president, through GE, founded theRadio Corporation of America (RCA) in 1919.[34] This came after Young, while working with senior naval officers, purchased theMarconi Wireless Telegraph Company of America, which was a subsidiary of the British company Marconi Wireless and Signal Company.[34] He aimed to expand international radio communications. GE used RCA as its retail arm for radio sales.[35] In 1926, RCA co-founded theNational Broadcasting Company (NBC), which built two radio broadcasting networks. In 1930, General Electric was charged with antitrust violations and was ordered to divest itself of RCA.[36]
In 1927,Ernst Alexanderson of GE made the first demonstration of television broadcast reception at hisGeneral Electric Realty Plot home at 1132 Adams Road in Schenectady, New York.[37][38] On January 13, 1928, he made what was said to be the first broadcast to the public in the United States[37] on GE'sW2XAD: the pictures were picked up on 1.5 square inches (9.7 square centimeters) screens in the homes of four GE executives. The sound was broadcast on GE'sWGY (AM).[citation needed]
Experimental television station W2XAD evolved into the stationWRGB, which, along with WGY and WGFM (nowWRVE), was owned and operated by General Electric until 1983.[39] In 1965, the company expanded into cable with the launch of a franchise, which was awarded to a non-exclusive franchise in Schenectady through subsidiary General Electric Cablevision Corporation.[40] On February 15, 1965, General Electric expanded its holdings in order to acquire more television stations to meet the maximum limit of the FCC, and more cable holdings through subsidiaries General Electric Broadcasting Company and General Electric Cablevision Corporation.[41]
The company also owned television stations such as KOA-TV (nowKCNC-TV) in Denver[42] and WSIX-TV (later WNGE-TV, nowWKRN) in Nashville,[43] but like WRGB, General Electric sold off most of its broadcasting holdings, but held on to the Denver television station[44] until in 1986, when General Electric bought outRCA and made it into anowned-and-operated station byNBC. It even stayed on until 1995 when it was transferred to a joint venture betweenCBS andGroup W in a swap deal, alongsideKUTV inSalt Lake City for longtimeCBS O&O in Philadelphia,WCAU-TV.[45]
Led bySanford Alexander Moss, GE moved into the new field of aircraftturbosuperchargers. This technology also led to the development of industrialgas turbine engines used for power production.[46] GE introduced the first set of superchargers duringWorld War I and continued to develop them during theinterwar period.Superchargers became indispensable in the years immediately beforeWorld War II. GE supplied 300,000 turbosuperchargers 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.[47] This experience, in turn, made GE a natural selection to develop theWhittle W.1jet engine that was demonstrated in the United States in 1941.[48] GE was ranked ninth among United States corporations in the value of wartime production contracts.[49] However, their early work with Whittle's designs was later handed toAllison Engine Company. GE Aviation then emerged as one of the world's largest engine manufacturers, bypassing the British companyRolls-Royce plc.
Some consumersboycotted GE light bulbs, refrigerators, and other products during the 1980s and 1990s. The purpose of the boycott was to protest against GE's role innuclear weapons production.[50]
In 2002, GE acquired the wind power assets ofEnron during its bankruptcy proceedings.[51]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.[52] It acquiredScanWind in 2009.[53][54]
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 aturbine blade.[55] 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 andÉlectricité 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.[56]
In 1956Homer Oldfield was promoted to General Manager of GE's Computer Department. He facilitated the invention and construction of theBank of America ERMA system, the first computerized system designed to read magnetized numbers on checks. But he was fired from GE in 1958 byRalph J. Cordiner for overstepping his bounds and successfully gaining the ERMA contract. Cordiner was strongly against GE entering the computer business because he did not see the potential in it.[citation needed]
GE got into computer manufacturing because, in the 1950s, they were the largest user of computers outside theUnited States federal government,[57] 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.[59] However, in 1970, GE sold its computer division toHoneywell, exiting the computer manufacturing industry,[57] though it retained its timesharing operations for some years afterward. GE was a big provider of computer time-sharing services through General Electric Information Services (GEIS, now GXS), offering online computing services that includedGEnie.[citation needed]
In 2000, when United Technologies Corp. planned to buy Honeywell, GE made a counter-offer that was approved by Honeywell.[60] On July 3, 2001, theEuropean Union issued a statement that "prohibit the proposed acquisition by General Electric Co. of Honeywell Inc.".[61] 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".[61]
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 calledWink.[62]
In December 1985, GE reacquired theRCA Corporation, primarily to gain ownership of theNBC television network for $6.28 billion; this merger surpassed theCapital Cities/ABC merger from earlier that year as the largest non-oil company merger in world business history.[63] The remainder of RCA's divisions and assets were sold to various companies, includingBertelsmann Music Group which acquiredRCA Records.Thomson SA, which licensed the manufacture of RCA and GE branded electronics, traced its roots to Thomson-Houston, one of the original components of GE.[citation needed] Also in 1986,Kidder, Peabody & Co., a U.S.-based securities firm, was sold to GE and following heavy losses was sold toPaineWebber in 1994.[64]
In 1997,Genpact was founded as a unit of General Electric inGurgaon. The company was founded as GE Capital International Services (GECIS).[65][66] In the beginning, GECIS created processes for outsourcing back-office activities for GE Capital such as processingcar loans and credit card transactions. It was anexperimental concept at the time and the beginning of thebusiness process outsourcing (BPO) industry.[67][68] 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.[69][70]
In 2001, GE acquired Spanish-language broadcaster Telemundo and incorporated it into its National Broadcasting Company, Inc. subsidiary.[71]
In May 2007, GE acquiredSmiths Aerospace for $4.8 billion.[75] Also in 2007, GE Oil & Gas acquired Vetco Gray for $1.9 billion,[76][77] followed by the acquisition of Hydril Pressure & Control in 2008 for $1.1 billion.[78][79]
GE Plastics was sold in 2008 toSABIC (Saudi Arabia Basic Industries Corporation). In May 2008, GE announced it was exploring options for divesting the bulk of its consumer and industrial business.[80][81]
On December 3, 2009, it was announced that NBCUniversal would become a joint venture between GE and cable television operatorComcast. Comcast would hold a controlling interest in the company, while GE would retain a 49% stake and would buy out shares owned by Vivendi.[82]
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 anIPO if the deal was not completed.[83][84]
On March 1, 2010, GE announced plans to sell its 20.85% stake in Turkey-based Garanti Bank.[85] 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.[86] In October 2010, GE acquired gas engines manufacturerDresser Industries in a $3 billion deal and also bought a $1.6 billion portfolio of retail credit cards fromCitigroup Inc.[87][88] On October 14, 2010, GE announced the acquisition of data migration & SCADA simulation specialists Opal Software.[89] In December 2010, for the second time that year (after the Dresser acquisition), GE bought the oil sector companyWellstream, an oil pipe maker, for 800 million pounds ($1.3 billion).[90]
In March 2011, GE announced that it had completed the acquisition of privately held Lineage Power Holdings fromThe Gores Group.[91] In April 2011, GE announced it had completed its purchase of John Wood plc's Well Support Division for $2.8 billion.[92]
In 2011, GE Capital sold its $2 billion Mexican assets toSantander for $162 million and exited the business in Mexico. Santander additionally assumed the portfolio debts of GE Capital in the country. Following this, GE Capital focused on its core business and shed its non-core assets.[93]
In June 2012, CEO and President of GE Jeff Immelt said that the company would invest₹3billion to accelerate its businesses inKarnataka.[94] In October 2012, GE acquired $7 billion worth of bank deposits fromMetLife Inc.[95]
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.[96]
In April 2013, GE acquired oilfield pump makerLufkin Industries for $2.98 billion.[97]
In April 2014, it was announced that GE was in talks to acquire the global power division of French engineering groupAlstom for a figure of around $13 billion.[98] A rival joint bid was submitted in June 2014 bySiemens andMitsubishi 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.[99] In October 2014, GE announced it was considering the sale of itsPolish banking businessBank BPH.[100]
Later in 2014, General Electric announced plans to open its global operations center inCincinnati, Ohio.[101] 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 inPudong, China;Budapest, Hungary; andMonterrey, Mexico.[102]
In April 2015, GE announced its intention to sell off its property portfolio, worth $26.5 billion, toWells Fargo andThe Blackstone Group.[103] 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.[104] In August 2015, GE Capital agreed to sell its Healthcare Financial Services business toCapital 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.[105] Also in August 2015, GE Capital agreed to sell GE Capital Bank's on-line deposit platform toGoldman 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".[106]
In September 2015, GE Capital agreed to sell its transportation finance unit to Canada'sBank 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. The 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.[107] In October 2015, activist investorNelson Peltz's fund Trian bought a $2.5 billion stake in the company.[108]
At the end of October 2016, it was announced that GE was under negotiations for a deal valued at about $30 billion to combineGE Oil & Gas withBaker Hughes. The transaction would create a publicly traded entity controlled by GE.[111] It was announced that GE Oil & Gas would sell off its water treatment business, GE Water & Process Technologies, as part of its divestment agreement with Baker Hughes.[112] The deal was cleared by the EU in May 2017, and by theUnited States Department of Justice in June 2017.[113][114] 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 and was renamed Baker Hughes, a GE Company (BHGE).[115] In November 2018, GE reduced its stake in Baker Hughes to 50.4%.[116] On October 18, 2019, GE reduced its stake to 36.8% and the company was renamed back to Baker Hughes.[117]
In May 2017, GE had signed $15 billion of business deals withSaudi Arabia.[118] Saudi Arabia is one of GE's largest customers.[119] In September 2017, GE announced the sale of its Industrial Solutions Business toABB. The deal closed on June 30, 2018.[120][121]
Fraud allegations and notice of possible SEC civil action
On August 15, 2019,Harry Markopolos, a financial fraud investigator known for his discovery of a Ponzi scheme run byBernard Madoff, accused General Electric of being a "bigger fraud than Enron," alleging $38 billion in accounting fraud. GE denied wrongdoing.[122][123]
It is alleged that GE is "hiding" (i.e., under-reserved)[125] $29 billion in losses related to its long-term care business.[126]
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.[127]
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 theSecurities Act of 1933 based on alleged misstatements and omissions related to insurance reserves and performance of GE's business segments.[128]
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.[129]
GE reported the total liability related to its insurance contracts increased significantly from 2016 to 2019:
In 2018, GE announced that the issuance of the new standard by the Financial Accounting Standards Board (FASB) regarding Financial Services – Insurance (Topic 944) would materially affect its financial statements.[133][134] Mr. Markopolos estimated there would be a $US 10.5 billion charge when the new accounting standard is adopted in the first quarter of 2021.[135]
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.[136]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).[137] 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.[138] Mr. Markopolos noted that BHGE is an asset available for sale and thereforemark-to-market accounting is required.[139]
Markopolos noted GE'scurrent ratio was only 0.67.[126] He expressed concerns that GE may file for bankruptcy if there is a recession.[140]
In 2018, the GE Pension Plan reported losses of US$3.3 billion on plan assets.[141]
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%.[142] 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.[142]
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.[143]
On March 30, 2020, General Electric factory workers protested to convert jet engine factories to make ventilators during theCOVID-19 crisis.[144]
In June 2020, GE made an agreement to sell its Lighting business to Savant Systems, Inc. Financial details of the transaction were not disclosed.[145]
In November 2020, General Electric warned it would be cutting jobs waiting for a recovery due to the COVID-19 pandemic.[146]
On November 9, 2021, the company announced it would divide itself into three public companies. On July 18, 2022, GE unveiled the brand names of the companies it had devised through its planned separation:GE Aerospace,GE HealthCare, andGE Vernova.[147][148] The new companies are respectively focused on aerospace, healthcare, and energy (renewable energy, power, and digital). The first spin-off ofGE HealthCare was finalized on January 4, 2023;[149] GE continues to hold 10.24% of shares and intends to sell the remaining over time.[150] This was followed by the spin-off of GE's portfolio of energy businesses, which became GE Vernova on April 2, 2024.[151][17][152] Following these transactions, GE became an aviation-focused company; GE Aerospace is the legal successor of the original GE.[153][154][155] The company's legal name is still General Electric Company.
General Electric was a longtime "dividend aristocrat" (a company with a long history of maintainingdividend payments to shareholders). Until 2017, the company had never cut dividends for 119 years before a 50% dividend reduction from 24 cents per share to 12 cents per share.[171] In 2018, GE further reduced its quarterly dividend from 12 cents to 1 cent per share.[172]
As a publicly traded company on theNew York Stock Exchange, GE stock was one of the 30 components of theDow Jones Industrial Average from 1907 to 2018, the longest continuous presence of any company on the index, and during this time the only company that was part of the original Dow Jones Industrial Index created in 1896.[173] In August 2000, the company had a market capitalization of $601 billion, and was the most valuable company in the world.[174] On June 26, 2018, the stock was removed from the index and replaced withWalgreens Boots Alliance.[175] In the years leading to its removal, GE was the worst performing stock in the Dow, falling more than 55 percentyear on year and more than 25 percentyear to date.[176] The company continued to lose value after being removed from the index.[177]
Linear GE stock price graph 1962–2013[needs update]
GE trading volume graph
General Electric Co. announced on July 30, 2021 (the completion of) a reverse stock split of GE common stock at a ratio of 1-for-8 and trading on a split-adjusted basis with a new ISIN number (US3696043013) starting on August 2, 2021.[178]
In 1959, General Electric was accused of promoting the largest illegal cartel in the United States since the adoption of theSherman Antitrust Act of 1890 in order to maintain artificially high prices. In total, 29 companies and 45 executives would be convicted. Subsequent Congressional inquiries revealed that "white-collar crime" was by far the most costly form of crime for the United States' finances.[179][better source needed]
GE was a multinational conglomerate headquartered in Boston, Massachusetts.[180] However its main offices were located at30 Rockefeller Plaza atRockefeller Center inNew York City, known now as the Comcast Building.[needs update][181] 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 toFairfield, Connecticut in 1974.[182] In 2016, GE announced a move to theSouth 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.[183][184][185][needs update] 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.[186]
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.[187] As of 2011, the company spent more on U.S.lobbying than any other company.[188]
In 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."[188] and has set goals for its subsidiaries to lower their greenhouse gas emissions.[189]
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.[190]
In July 2010, GE agreed to pay $23.4 million to settle an SEC complaint without admitting or denying the allegations that two of its subsidiaries bribed Iraqi government officials to win contracts under theU.N. oil-for-food program between 2002 and 2003.[191]
In February 2017, GE announced that the company intends to close thegender 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-femalegender representation in allentry-level technical programs.[192]
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.[193]
On February 25, 2019, GE sold its diesel locomotive business toWabtec.[194]
In 2011,Fortune ranked GE the sixth-largest firm in the U.S.,[197] and the 14th-most profitable.[15] Other rankings for 2011–2012 include the following:[198]
In 2012, GE's brand was valued at $28.8 billion.[199] CEOJeff 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.[200] 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.[201] The standard requires many headlines to be lowercased and adds visual "white space" to documents and advertising. The changes were designed byWolff 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.[202]
As of 2016[update], GE had appeared on theFortune 500 list for 22 years and held the 11th rank.[203] GE was removed from theDow Jones Industrial Average on June 28, 2018, after the value had dropped below 1% of the index's weight.[204]
Through these businesses, GE participated in markets that included the generation, transmission and distribution of electricity (e.g.nuclear, gas and solar), industrialautomation,medical imaging equipment, motors, aircraft jet engines, and aviation services. Through GE Commercial Finance, GE Consumer Finance, GE Equipment Services, and GE Insurance, it offered a range of financial services. In addition, General Imaging manufactured GE digital cameras.[205] It had a presence in over 100 countries.[173]
Even though the first wave of conglomerates (such asITT Corporation,Ling-Temco-Vought,Tenneco, etc.) fell by the wayside by the mid-1980s, in the late 1990s, another wave (consisting ofWestinghouse,Tyco, and others) tried and failed to emulate GE's success.[207]
On September 14, 2015, GE announced the creation of a new unit: GE Digital, which would bring together its software and IT capabilities. The new business unit was headed by Bill Ruh, who joined GE in 2011 from Cisco Systems and had since worked on GE's software efforts.[209]
Morgan Stanley sold a stake in GE HealthCare Technologies for $1.1 billion as part of a deal to swap General Electric Co. debt for GE HealthCare stock.[210]
GE Industrial was a division providing appliances, lighting, and industrial products; factory automation systems; plastics, silicones, and quartz products; security and sensors technology; and equipment financing, management, and operating services. As of 2007, it had 70,000 employees, generating $17.7 billion in revenue.[211] After some major realignments in late 2007, GE Industrial was organized into two main sub-businesses:
The former GE Plastics division was sold in August 2007 and is nowSABIC Innovative Plastics.
On May 4, 2008, it was announced that GE would auction off its appliances business for an expected sale of $5–8 billion.[212] However, this plan fell through as a result of the recession.[213]
The formerGE Appliances and Lighting segment was dissolved in 2014 when GE'sappliance division attempted to be sold toElectrolux for $5.4 billion, but eventually sold it toHaier in June 2016 due to an antitrust filing against Electrolux.GE Lighting (consumer lighting) and the newly createdCurrent, powered by GE, which deals in commercial LED, solar, EV, and energy storage, became stand-alone businesses within the company,[214] until the sale of the latter to American Industrial Partners in April 2019.[215]
The formerGE Transportation division merged withWabtec on February 25, 2019, leaving GE with a 24.9% holding in Wabtec.[216]
In 2003, acting on concerns that the plan proposed by GE did not "provide for adequate protection of public health and the environment," EPA issued an administrative order for the company to "address cleanup at the GE site" inRome, Georgia, also contaminated with PCBs.[223]
Thenuclear reactors involved in the 2011 crisis atFukushima I in Japan were GE designs,[224] and the architectural designs were done byEbasco,[225][better source needed] formerly owned by GE. Concerns over the design and safety of these reactors were raised as early as 1972, buttsunami danger was not discussed at that time.[226] As of 2014[update], the same model nuclear reactors designed by GE are operating in the US;[227] however, as of May 31, 2019, the controversialPilgrim Nuclear Generating Station, inPlymouth, Massachusetts, has been shut down and is in the process of decommission.
GE heavily contaminated the Hudson River with PCBs between 1947 and 1977.[228] This pollution caused a range of harmful effects to wildlife and people who eat fish from the river.[229] In 1983 EPA declared a 200-mile (320 km) stretch of the river, from Hudson Falls to New York City, to be aSuperfund site requiring cleanup. This Superfund site is considered to be one of the largest in the nation.[230] In addition to receiving extensive fines, GE is continuing its sediment removal operations, pursuant to the Superfund orders, in the 21st century.[231]
Fromc. 1932 until 1977, GE polluted the Housatonic River with PCB discharges from its plant atPittsfield, 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.[232] Aroclor 1254 and Aroclor 1260, products manufactured byMonsanto, were the principal contaminants that were discharged into the river.[233][234] The highest concentrations of PCBs in the Housatonic River are found in Woods Pond inLenox, Massachusetts, just south of Pittsfield, where they have been measured up to 110 mg/kg in the sediment.[234] 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 11,000 pounds (5,000 kg) of PCBs.[234] Formerly filled oxbows are also polluted.[235] Waterfowl and fish who live in and around the river contain significant levels of PCBs and can present health risks if consumed.[236][237][238] In 2020 GE completed remediation and restoration of its 10 manufacturing plant areas within the city of Pittsfield.[239] As of 2023[update] plans for cleanup of the river south of the city are not finalized.[240]
GE facility inSchenectady, New YorkA General Electric EV charging station in North America
The environmental work and research of GE can be seen as early as 1968 with the experimental Delta electric car built by the GE Research and Development Center led by Bruce Laumeister.[241] The electric car led to the production shortly after of the cutting-edge technology of the first commercially produced all-electricElec-Trak garden tractor, which was manufactured from around 1969 until 1975.[242]
Despite these initiatives, GE has been recognized as a source of PCB pollution in the case of GENERAL ELECTRIC COMPANY v. LOWE'S HOME CENTERS, INC.[243]
On June 6, 2011, GE announced that it had licensed solar thermal technology from California-based eSolar for use in power plants that use both solar and natural gas.[244]
On May 26, 2011, GE unveiled its EV Solar Carport, acarport that incorporates solar panels on its roof, with electric vehicle charging stations under its cover.[245]
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".[246] The announcement prompted an op-ed piece inThe New York Times to observe that, "while General Electric's increased emphasis onclean 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."[247]
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.[248] In 2010, GE continued to raise its investment by adding $10 billion into Ecomagination over the next five years.[249]
GE Energy'srenewable energy business has expanded greatly to keep up with growing U.S. and global demand forclean energy. Since entering therenewable energy industry in 2002, GE has invested more than $850 million inrenewable energy commercialization. In August 2008, it acquired Kelman Ltd,[250] 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.[251] In 2009, GE's renewable energy initiatives, which includesolar power,wind power andGE Jenbachergas engines using renewable and non-renewable methane-based gases,[252] employ more than 4,900 people globally and have created more than 10,000 supporting jobs.[253]
GE Energy andOrion New Zealand (Orion) have announced the 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 ofsmart grid technologies will significantly improve the network company's ability to manage big network emergencies and help it restore power faster when outages occur.
In June 2018, GE Volunteers, an internal group of GE employees, along with the Malaysian Nature Society, transplanted more than 270 plants from the Taman Tugu forest reserve so that they may be replanted in a forest trail that is under construction.
Between September 2011 and April 2013, GE ran acontent 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.[256]
Short Films, Big Ideas was launched at the 2011Toronto International Film Festival in partnership withcinelan. Stories included breakthroughs inSlingshot (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 theSundance Film Festival and theTribeca Film Festival. The winning amateur director film,The Cyborg Foundation, was awarded aUS$100,000 prize at the 2013 Sundance Film Festival.[257] According to GE, the campaign garnered more than 1.5 billion total media impressions, 14 million online views, and was seen in 156 countries.[258]
In January 2017, GE signed an estimated $7 million deal with theBoston Celtics to have its corporate logo put on theNBA team's jersey.[259]
On March 3, 2022, GE published an international memo pledging to donate $4.5 million to Ukraine amid the2022 Russian invasion of Ukraine. According to the memo, $4 million will be used for medical equipment, $400,000 for emergency cash for refugees, and $100,000 will go to Airlink, an NGO that helps communities in crisis.[260]
GE has designed social programs, supported civil rights organizations, and funded minority education programs. In the 1950s, the company sponsoredGeneral Electric Theater, which solidified hostRonald Reagan's transition from movies to television, and launched him on the lecture circuit.[261]
In the early 1950s,Kurt Vonnegut was a writer for GE. A number of his novels and stories (notablyCat's Cradle andPlayer Piano) refer to the fictional city ofIlium, which appears to be loosely based on Schenectady, New York.[262] The Ilium Works is the setting for the short story "Deer in the Works".
GE was the primary focus of a 1991 short subjectAcademy Award-winning documentary,Deadly Deception: General Electric, Nuclear Weapons, and Our Environment,[265] 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 involvingnuclear weapons.[266]
GE was frequently mentioned and parodied in theNBC comedy sitcom30 Rock from 2006 to 2013. Former General Electric CEOJack Welch even cameoed as himself, appearing in the season four episode "Future Husband". The episode is a satirical reference to thereal-world acquisition ofNBC Universal from General Electric byComcast in November 2009.[267]
In 2013, GE received a NationalJefferson Award for Outstanding Service by a Major Corporation.[268]
The General Electric logo has a blue circle with a white outline. It has four curved white lines which "suggest the blades of a fan." In the center of the circle is the cursive letters "GE." The logo was designed by Arthur L. Rich in 1899[269] and trademarked in 1900.[270] Its design has changed little throughout the company's history. The logo is officially known as the Monogram but is also known by some as "the meatball."[271]
^D.O. Mills,T.J. Coolidge,Hamilton M. Twombly andFrederick L. Ames also qualify as founders given that they all belonged to a committee responsible for overseeing the merger betweenThomson-Houston Electric and Edison General Electric Company which led to General Electric's formation in 1892.[4] Likewise, after the merger, all four figures became members of the new company's board of directors.[5]
^Hall, Peter D. (1984).The Organization of American Culture, 1700–1900: Private Institutions, Elites, and the Origins of American Nationality. New York University Press. p. 237.ISBN0-8147-3425-1.After mustering out, Henry Lee Higginson gave up his ambitions to become a musician and went into cotton farming and oil prospecting; by 1868, he was a partner in the family investment banking firm, Lee, Higginson & Company. As an entrepreneur, he became one of the most active and innovative organizers of national scale enterprise, ranging from western railroads and copper mines through the American Telephone & Telegraph Company, General Electric and General Motors.
^Strouse, Jean (2014) [1999].Morgan: American Financier. Random House Trade Paperbacks. p. 313.ISBN978-0-8129-8704-1....When [Charles] Coffin's banker, Henry Lee Higginson suggested a merger early in 1891, J.P. Morgan wrote back, 'The Edison system affords us all the use of time and capital that I think desirable to use in one channel. If, as would seem to be the case, you have the control of the Thomson-Houston, we will see which will make the best result...'[¶] A year later,... Morgan wrote to Higginson's associate T. Jefferson Coolidge in March of 1892: 'I entirely agree with you that it is desirable to bring about closer management between the two companies.'...[¶] Each Edison share was converted into one share in the new company, while three Thomson-Houston shares brought five in GE. The bankers capitalized the consolidation at $50 million: $15 million went to the Edison stockholders, $18 million to Thomson-Houston's, and $17 million (in stock) into the GE treasury ... Morgan and Coster took seats on the GE board, as did Higginson, Coolidge and Edison...
^abChandler, Jr., Alfred D. (2005).Inventing the Electronic Century: The Epic Story of the Consumer Electronics and Computer Industries, with a new preface. Harvard University Press. p. 15.ISBN0-674-01805-2.
^Mahon, Morgan E.A Flick of the Switch 1930–1950 (Antiques Electronics Supply, 1990), p. 86.
^Whittle, Sir Frank; Golley, John (2010). Gunston, Bill (ed.).Jet (illustrated ed.). Datum Publishing. pp. 181–182.ISBN978-1907472008.Archived from the original on February 5, 2016. RetrievedJanuary 26, 2016.
^Alwyn Scott (August 20, 2019)."General Electric insurance called 'risky' by Fitch; shares fall again".Reuters.com. Archived fromthe original on August 22, 2019. RetrievedAugust 22, 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.
^Alwyn Scott (August 20, 2019)."General Electric insurance called 'risky' by Fitch; shares fall again".Reuters.com. Archived fromthe original on August 22, 2019. RetrievedAugust 22, 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
^General Electric."2018 Annual Report – General Electric"(PDF).GE.com. p. 67. Archived fromthe original(PDF) on September 23, 2019. RetrievedAugust 20, 2019.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.
^General Electric."2017 GE Annual Report"(PDF).www.AnnualReports.com. General Electric. p. 152.Archived(PDF) from the original on November 26, 2020. RetrievedOctober 19, 2020.
^General Electric."Follow Up From Last Week's Note"(PDF).GE.com. Archived fromthe original(PDF) on August 20, 2019. RetrievedAugust 21, 2019.We have stated in disclosures beginning with our 3Q'18 10-Q (page 48) that, following the 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.
^"FORM 10-Q September 2018"(PDF).GE.com. General Ledger. Archived fromthe original(PDF) on August 20, 2019. RetrievedAugust 21, 2019.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.
^General Electric."2018 Annual Report – General Electric"(PDF).GE.com. p. 139. Archived fromthe original(PDF) on September 23, 2019. RetrievedAugust 20, 2019.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. The 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 de-consolidate 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 on 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.
^General Electric."2018 General Electric Annual Report"(PDF).GE.com. General Electric. p. 130. Archived fromthe original(PDF) on September 23, 2019. RetrievedAugust 21, 2019.Actual gain (loss) on plan assets – 2018 Principal pension plans ($2,996) millions 2018 Other pension plans ($299) millions
^Mazein, Elodie (April 1, 2024)."Swan song for General Electric as it completes demerger". AFP.Archived from the original on April 2, 2024 – via Yahoo! News.The official finalization of the separation comes Tuesday, with General Electric disappearing in favor of GE Vernova, dealing with energy activities, and GE Aerospace, the new name of the late GE.
^Murray, John A.; Markides, Constantinos; Galavan, Robert, eds. (2008).Strategy, innovation, and change: challenges for management. Oxford; New York: Oxford University Press.ISBN978-0-19-923990-0.
^Tara Murphy (January 16, 2003)."GE Drops Its Slogan".Forbes.Archived from the original on July 29, 2017. RetrievedAugust 28, 2017.
^"How is the Hudson Doing?".Hudson River Estuary Program. Albany, NY: New York State Department of Environmental Conservation.Archived from the original on November 19, 2017. RetrievedNovember 24, 2017.
^Sullivan, Ned; Schiafo, Rich (June 12, 2005)."Opinion | Talking Green, Acting Dirty".The New York Times.Archived from the original on August 11, 2019. RetrievedAugust 11, 2019 – via NYTimes.com.
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.
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