General Electric Company ( GE ) is an American multinational conglomerate incorporated in New York and headquartered in Boston, Massachusetts. In 2018, the company operates through the following segments: aviation, healthcare, electric power, renewable energy, digital, additive manufacturing, venture capital and finance, lighting, transportation, and oil and gas.
By 2017 GE ranks among Fortune 500 as the 13th largest company in the US with gross revenues. In 2011, GE was listed as Fortune 20 as the 14th most profitable company. As of 2012, the company is listed as the fourth largest in the world among Forbes Global 2000, further metrics are taken into account. Two GE employees have been awarded the Nobel Prize: Irving Langmuir in 1932 and Ivar Giaever in 1973.
On January 13, 2016, it was announced that GE will move its corporate headquarters from Fairfield, Connecticut (the place since 1974) to the neighborhood of South Boston, Boston, Massachusetts. The first group of workers arrives in the summer of 2016, and the full step will be completed by 2018.
Video General Electric
History
Formation
During 1889, Thomas Edison had business interests in many electric-related companies including Edison Lamp Company, a lighting manufacturer in East Newark, New Jersey; Edison Machine Works , a manufacturer of dynamos and electric motors in Schenectady, New York; Bergmann & amp; Company , manufacturer of electric light fixtures, sockets, and other electric lighting devices; and Edison Electrical Lighting Company , the company's patent and financial arm holders supported by J.P. Morgan and the Vanderbilt family for Edison lighting experiments.
In 1889, Drexel, Morgan & amp; Co., a company founded by JP Morgan and Anthony J. Drexel, financed Edison's research and helped merge those companies under one company to form Edison General Electric Company, founded in New York on 24 April, 1889. The new company also acquired Sprague Electric Railway & amp; Motor Company in the same year.
In 1880, Gerald Waldo Hart formed the American Electric Company in New Britain, Connecticut, who joined several years later with Thomson-Houston Electric Company, led by Charles Coffin. In 1887, Hart went on to become the supervisor of the Edison Electric Company in Kansas City, Missouri. General Electric was formed through the merger of 1892 Edison General Electric Company of Schenectady, New York, and Thomson-Houston Electric Company of Lynn, Massachusetts, with the support of Drexel, Morgan & Both factories continue to operate under the banner of GE to this day. The company was founded in New York, with the Schenectady plant being used as a base for many years thereafter. Around the same time, Canadian General Electric's partner, Canadian General Electric, was formed.
Public company
In 1896, General Electric was one of the 12 original companies listed on the newly formed Dow Jones Industrial Average, where it remained part of the index for 122 years, albeit not continuously.
In 1911, General Electric absorbed the National Electric Lamp Association (NELA) into its lighting business. GE set up a lighting division headquarters at Nela Park in East Cleveland, Ohio. The lighting division has since remained in the same location.
RCA and NBC
Owen D. Young, through GE, founded Radio Corporation of America (RCA) in 1919, after purchasing Marconi Wireless Telegraph Company of America. He aims to expand international radio communications. GE uses RCA as a retail branch for radio sales. In 1926, RCA founded the National Broadcasting Company (NBC), which built two radio broadcasting networks. In 1930, General Electric was accused of antitrust violations and decided to break away from RCA.
Television
In 1927, Ernst Alexanderson of GE made the first demonstration of his televised broadcast at the home of the General Electric Realty Plot at 1132 Adams Rd, Schenectady, New York. On January 13, 1928, he made what was said to be the first public broadcast in the United States on GE's W2XAD: pictures taken on a 1.5-inch (9.7-square-inch) screen at the home of four GE executives. The sound was broadcast on GE's WGY (AM).
W2XAD's experimental television station evolved into a WRGB station which, together with WGY and WGFM (now WRVE), was owned and operated by General Electric until 1983.
Power plant
Led by Sanford Alexander Moss, GE moved into a new field of turbocharged superchargers. GE introduced the first supercharger during World War I, and continued to develop it during the interwar period. Superchargers became indispensable in the years before World War II. GE supplies 300,000 turbo superchargers for use in fighter and bomber engines. This work led the US Air Force Corps to choose GE to develop the nation's first jet engine during the war. This experience, in turn, made GE a natural selection to develop the Whittle W.1 jet engine shown in the United States in 1941. GE was ranked ninth among US companies in the wartime production contract value. Despite their initial work with Whittle designs submitted to the Allison Engine Company, GE Aviation emerged as one of the world's largest engine manufacturers, passing the British Rolls-Royce plc company.
Some consumers boycotted GE light bulbs, refrigerators, and other products in the 1980s and 1990s to protest the role of GE in nuclear weapons production.
In 2002, GE acquired Enron wind power assets during its bankruptcy proceedings. Enron Wind was the only US manufacturer to survive the big wind turbines of the time, and GE improved its engineering and supply for the Wind Division and doubled its annual sales to $ 1.2 billion in 2003. This was obtained by ScanWind in 2009.
Computing
GE was one of eight major computer companies in the 1960s along with IBM, Burroughs, NCR, Control Data Corporation, Honeywell, RCA and UNIVAC. GE has general purpose lines and special purpose computers, including GE 200, GE 400, and GE 600 series general-purpose computers, GE 4010, GE 4020, and GE 4060 real time control computer controls, and DATANET-30 and Datanet 355 computer message switching (DATANET-30 and 355 are also used as front end processors for GE mainframe computers). The Datanet 500 computer was designed, but never sold.
In 1962, GE began developing the GECOS operating system (which later renamed GCOS), initially for batch processing, but later extended to time-sharing and transaction processing. GCOS version is still in use today. From 1964 to 1969, GE and Bell Laboratories (who soon broke up) joined MIT to develop the Multics operating system on the GE 645 mainframe computer. The project took longer than expected and was not a huge commercial success, but it showed such concepts one level store, dynamic linking, hierarchical file system, and ring-oriented security. Active development of Multics continued until 1985.
GE went into computer manufacturing because in the 1950s they were the largest computer users outside the federal government of the United States, as well as the world's first business to have computers. Its main equipment factory "Appliance Park" is the first non-government site to host. However, in 1970, GE sold its computer division to Honeywell, out of the computer manufacturing industry, despite maintaining a timing operation for several years thereafter. GE is the premier provider of computer time-sharing services, through General Electric Information Services (GEIS, now GXS), offering online computing services including GEnie.
In 2000 when United Technologies Corp. planned to buy Honeywell, GE made a counter offer approved by Honeywell. On July 3, 2001, the EU issued a statement that "prohibits the acquisition proposed by General Electric Co. of Honeywell Inc.". The reason given is "will create or strengthen a dominant position in some markets and that the solution proposed by GE is not enough to solve the competition problem resulting from the proposed Honeywell acquisition."
On June 27, 2014, GE partnered with a collaborative design firm, Quirky, to announce its connected LED bulb called Link. Ball Link is designed to communicate with smartphones and tablets using a mobile app called Wink.
Acquisitions and divestitures
In 1986, GE regained the RCA, primarily for the NBC television network (also the parent of Telemundo Communications Group). The rest were sold to companies, including Bertelsmann (Bertelsmann acquired RCA Records) and Thomson SA tracing its roots to Thomson-Houston, one of GE's original components. Also in 1986, Kidder, Peabody & amp; Co., a US-based securities company, was sold to GE and after huge losses were sold to PaineWebber in 1994.
In 2002, Francisco Partners and Norwest Venture Partners acquired a GE division 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 retains a minority stake in GXS. Also in 2002, GE Wind Energy was formed when GE purchased wind turbine manufacturing assets Enron Wind after the Enron scandal.
In 2004, GE bought 80% of Universal Pictures from Vivendi. Vivendi bought 20% of NBC which formed the NBCUniversal company. GE then owns 80% NBC Universal and Vivendi owns 20%. On January 28, 2011 GE owns 49% and Comcast is 51%. On March 19, 2013, Comcast purchased GE shares on NBCU for $ 16.7 billion. In 2004, GE completed a spin-off of most mortgages and life insurance assets into an independent company, Genworth Financial, based in Richmond, Virginia.
Genpact formerly known as GE Capital International Services (GECIS) was founded by GE in late 1997 as a BPO based in India. GE sold 60% of Genpact's shares to General Atlantic and Oak Hill Capital Partners in 2005 and then left Genpact into an independent business. GE is still a major client for Genpact today, for services in customer service, finance, information technology and analytics.
In May 2007, GE acquired Smiths Aerospace for $ 4.8 billion. Also in 2007, GE Oil & amp; Gas acquired Vetco Gray for $ 1.9 billion, followed by the acquisition of Hydril Pressure & amp; Control in 2008 of $ 1.1 billion.
GE Plastics was sold in 2008 to SABIC (Saudi Arabia Basic Industries Corporation). In May 2008, GE announced that it is exploring options to release most of its consumer and industry businesses.
On December 3, 2009, it was announced that NBCUniversal would be a joint venture between GE and Comcast cable television operator. Comcast will be in control of the shares in the company, while GE will retain 49% of the shares and will buy the shares owned by Vivendi.
Vivendi will sell 20% of its stake in NBCUniversal to GE for US $ 5.8 billion. Vivendi will sell 7.66% NBCUniversal to GE for US $ 2 billion if the GE/Comcast deal is not completed in September 2010 and then sell the remaining 12.34% of NBCUniversal shares to GE for US $ 3.8 billion when the deal is completed or public through an IPO if the deal is not completed.
On March 1, 2010, GE announced plans to sell its 20.85% stake in Garanti Bank based in Turkey. In August 2010, GE Healthcare signed a strategic partnership to bring Cardiovascular Computed Tomography (CT) technology from start-up Arineta Ltd. Israel to hospital market. In October 2010, GE acquired a gas engine producing Dresser Inc. in a $ 3 billion deal and also bought a $ 1.6 billion retail portfolio of retail credit cards from Citigroup Inc. On October 14, 2010, GE announced the acquisition of data migration & amp; Specialist simulated SCADA, Opal Software. In December 2010, for the second time that year (after the Dresser acquisition), GE bought oil company British Wellstream Holding Plc., A maker of oil pipes, for 800 million pounds ($ 1.3 billion).
In March 2011, GE announced that it has completed its privately-held Lineage Ownership Acquisition, Inc., from The Gores Group, LLC. In April 2011, GE announced it had completed the purchase of Wells Support John Wood Plc for $ 2.8 billion.
In 2011, GE Capital sold $ 2 billion worth of Mexican assets to Santander for $ 162 million and left the business in Mexico. Santander also assumes the debt portfolio of GE Capital in the country. After this, GE Capital focuses on its core business and releases its non-core assets.
In June 2012, GE CEO and President Jeff Immelt said the company will invest INR3 billion to accelerate its business in Karnataka. In October 2012, GE acquired a $ 7 billion bank deposit from Metlife Inc.
In April 2013, GE acquired Lufkin Industries oil pump maker for $ 2.98 billion.
In April 2014, it was announced that GE was in talks to acquire the global power division of the French engineering group Alstom for about $ 13 billion. The joint rival offer was filed in June 2014 by Siemens and Mitsubishi Heavy Industries (MHI) with Siemens seeking a $ 3.9 billion Alstom gas turbine business, and MHI proposed a joint venture in steam turbines, plus EUR3.1 billion in cash investments. In June 2014, an official offer from GE worth $ 17 billion was approved by the Alstom board. Part of the deal involved the French government taking a 20% stake in Alstom to help secure France's energy and transportation interests and French jobs. The rival offer from Siemens-Mitsubishi Heavy Industries was rejected. The acquisition is expected to be completed by 2015. In October 2014, GE announced it is considering the sale of Polish banking business of Bank BPH.
In April 2015, GE announced its intention to sell its property portfolio, worth $ 26.5 billion, to Wells Fargo and The Blackstone Group. It was announced in April 2015 that GE will sell most of its financial unit and return about $ 90 billion to shareholders as it seeks to reduce its holdings and break away from its image of a "hybrid" company, working in banking and manufacturing. In August 2015, GE Capital agreed to sell its Financial Services Business business to Capital One worth US $ 9 billion. The transaction involves US $ 8.5 billion in loans extended to various sectors including senior housing, hospitals, medical offices, outpatient services, medicines and medical equipment. Also in August 2015, GE Capital agreed to sell GE Capital Bank online deposit platform to Goldman Sachs. Terms of the transaction are not disclosed, but the sale includes US $ 8 billion from on-line deposit and another $ 8 billion certified deposit certificate. The sale is part of GE's strategic plan to exit the US banking sector and free itself from tightening banking regulations. GE also aims to release its status as "a systemically important financial institution."
In September 2015, GE Capital agreed to sell its financing unit to Canada Bank of Montreal. The units sold have assets of US $ 8.7 billion (CA $ 11.5 billion), 600 employees, and 15 offices in the US and Canada. The exact terms of the sale are not disclosed, but the final price will be based on the value of the asset at closing, plus the premiums by the parties. In October 2015, investor funds activist Nelson Peltz, Trian, bought a $ 2.5 billion stake in the company.
In January 2016, Haier Group acquired a $ 5.4 billion GE tool division. In October 2016, GE Renewable Energy agreed to pay EUR1.5 billion to Doughty Hanson & Co. for LM Wind Power during 2017.
At the end of October 2016, it was announced that GE was negotiating for a deal worth about $ 30 billion to combine GE Oil and Gas with Baker Hughes. The transaction will create a publicly traded entity controlled by GE. It was announced that GE Oil and Gas will sell its water treatment business as part of a divestment agreement with Baker Hughes. The agreement was removed by the European Union in May 2017, and by DOJ in June 2017. 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 the GE company..
In April 2017, GE announced the name of their $ 200 million corporate headquarters is "GE Innovation Point". The groundbreaking ceremony for the 2.5-hectare, 800-person campus was held on May 8, 2017, and its completion date is estimated around mid-2019.
In September 2017, GE announced the sale of the Industrial Solutions Business to ABB. This deal is expected to close by the end of Q2, 2018.
Maps General Electric
Stock
GE is the only company listed in the Dow Jones Industrial Index in 2018 which is also included in the original index in 1896. On June 26, 2018, it is no longer included in the index. GE is listed on the NYSE.
Company issues
GE is a multinational conglomerate headquartered in Boston, Massachusetts. But its main office is located at 30 Rockefeller Plaza at Rockefeller Center in New York City, now known as Comcast Building. Formerly known as GE Building for the prominent GE logo on the roof; NBC headquarters and main studio 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 GE Building on Lexington Avenue to Fairfield in 1974.
GE tax refunds are the biggest returns filed in the United States; 2005 results are about 24,000 pages when printed, and 237 megabytes when sent electronically. The company also "spends more on US lobbying than any other company."
In 2005, GE launched its " Ecomagination" initiative in an effort to position itself as a "green" company. GE is one of the biggest players in the wind power industry, and is developing environmentally friendly products such as hybrid locomotives, desalination and water reuse solutions, and photovoltaic cells. The company "plans to build the largest solar panel manufacturing plant in the US," and has set goals for its subsidiaries to reduce their greenhouse gas emissions.
On May 21, 2007, GE announced it would sell its GE Plastics division to petrochemical manufacturer SABIC for a net $ 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.
In February 2017, GE announced that the company intends to close the gender gap by pledging to employ and place 20,000 women in technical roles by 2020. The company also seeks to have a 50:50 male and female representation at all entry-level. technical program.
In October 2017, GE announced it would close research and development centers in Shanghai, Munich and Rio de Janeiro. Companies spend $ 5 billion on R & D in the past year.
CEO
John L. Flannery is the current chief executive officer and chair of the GE board. He is former president and chief executive of GE Healthcare.
Jeffrey Immelt is a former CEO and former chairman of the GE board. He was chosen by GE's board of directors in 2000 to replace Jack Welch after his retirement. Prior to that, Immelt had led the GE Medical Systems division (now GE Healthcare) as its president and CEO.
Immelt's tenure as chairman and CEO of GE began in crisis: he took over the role on September 7, 2001, four days before the terrorist attacks in the United States, killing two employees and the cost of the insurance business GE $ 600 million - and having a direct effect on the company Aircraft Engines. Immelt was also selected as one of President Obama's financial advisors about the economic rescue plan.
Immelt retired from GE on 2nd October 2017.
Company recognition and rankings
In 2011, Fortune rated GE as the sixth largest company in the US, and ranked 14th most profitable. Other ratings for 2011/2012 include the following:
- # 18 companies for leaders ( Fortune )
- # 6 best global brand ( Interbrand )
- # 82 green company ( Newsweek )
- # 91 the most admired company ( Fortune )
- # 19 the most innovative company ( Fast Company ).
In 2012, the GE brand is worth $ 28.8 billion. CEO Jeff Immelt had a series of changes in the presentation of the brand assigned in 2004, after he took control as chairman, to bring together diversified GE businesses.
These changes include a new corporate color palette, minor modifications to the GE logo, customized new 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. This standard requires many headlines to be lowered and adds visual" white space "to documents and advertisements. These changes were designed by Wolff Olins and used on GE's marketing, literature, and websites. In 2014, a second type family is introduced: GE Sans and Serif by Bold Monday created under the direction of art by Wolff Olins.
General Electric's global operations center is located in Cincinnati, OH.
By 2016, GE has appeared on the Fortune 500 list for 22 years and holds the rank 11.
Business
The company describes itself as composed of a number of major business units or "businesses." Each unit itself is a very large company, many of whom will, even as stand-alone companies, enter the Fortune 500. GE's business list varies over time as a result of acquisitions, divestitures and reorganizations.
Pada Januari 2018, divisi bisnis utama GE adalah:
- GE Additive
- GE Aviation
- GE Capital
- GE Digital
- Perawatan Kesehatan GE
- Pencahayaan GE
- GE Power
- GE Energi Terbarukan
- Transportasi GE
- Baker Hughes, Perusahaan GE
- Saat ini, diberdayakan oleh GE
- GE Global Research
The GE and Lighting equipment segment was previously disbanded in 2014 when GE equipment division was sold to Haier for $ 5.4 billion. GE Lighting (consumer lighting) and the newly created Flow, powered by GE, which is engaged in commercial, solar, EV, and energy LED storage, is now a stand-alone business within the company.
Through this business, GE participates in markets that include electricity generation, transmission and distribution (eg nuclear, gas and solar), lighting, industrial automation, medical imaging equipment, motors, railroad 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 presence in over 100 countries.
GE manufactures General Imaging digital cameras.
Since more than half of GE's revenue comes from financial services, it is practically a financial company with a manufacturing arm. It is also one of the largest lenders in countries other than the United States, such as Japan. Despite the first tide of conglomerates (such as ITT Corporation, Ling-Temco-Vought, Tenneco, etc.) Falling by the wayside in the mid-1980s, in the late 1990s, other waves (comprising Westinghouse, Tyco and others) try and fail to imitate GE's success.
On May 4, 2008, it was announced that GE would auction its equipment business for expected sales of $ 5-8 billion. However, this plan failed because of the recession.
Until August 2015 GE plans to make silicon carbide chips that make up R & amp; D center in a coalition with SUNY Polytechnic Institute in Utica, New York. The project will create 470 jobs with the potential to grow to 820 jobs in 10 years.
On September 14, 2015, GE announced the creation of a new unit: GE Digital, which will unify its software and IT capabilities. The new business unit will be led by Bill Ruh, who joined GE in 2011 from Cisco Systems and has since worked on GE software efforts.
Controversy and criticism
The six reactors in the Fukushima Daiichi nuclear power plant 2011 have been designed by GE. Their designs have been criticized as far back as 1972.
In March 2011, The New York Times reported that, despite generating $ 14.2 billion in profits worldwide, including more than $ 5 billion of US operations, GE did not owe taxes in 2010. GE has a $ 3.2 billion tax refund. This same article also shows that GE has reduced its workforce in America by a fifth since 2002. The Times also reports that GE has made tax deductions beginning with fees paid on the New York State charter of 1892.
In December 2011, the Non-Partisan Public Campaign criticized GE for spending $ 84.35 million on lobbying and not paying any taxes during 2008-2010, instead of earning $ 48.7 billion in tax breaks, despite making a profit of $ 10 , 4 billion, laid off 4,168 workers since 2008, and increased executive salaries by 27% to $ 75.9 million in 2010 for the top 5 executives. Between March 1990 and February 2001, GE was fined or ordered to pay damages by the court 420 times, totaling at least $ 934,027,215, according to a report from Multinational Monitor.
GE was one of the early pioneers and early adopters of the planned obsolescence, with a major part in the Phoebus cartel.
There have been protests about state grants and tax breaks promised to GE before their decision to move their headquarters to Boston.
Environmental recordings
Pollution
GE has a history of some of its activities that cause massive air and water pollution. Based on data from 2000, researchers at the Institute for Political Economic Research listed the company as the fourth largest air pollution company in the United States, with more than 4.4 million pounds per year (2,000 tons) of toxic chemicals released into the air. GE is also involved in the creation of toxic wastes. According to EPA documents, only the United States Government, Honeywell, and Chevron Corporation are responsible for producing more superfund toxic waste sites.
In 1983, New York Attorney General Robert Abrams filed a lawsuit in the United States District Court for the Northern District of New York to force GE to pay for the clearance of what claimed more than 100,000 tons of chemicals removed from them. planted in Waterford, New York. In 1999, the company agreed to pay $ 250 million in settlement in respect of the claims it pollutes the Housatonic River (Pittsfield, Massachusetts) and other sites with polychlorinated biphenyl (PCB) and other harmful substances.
In 2003, acting on concern that GE's proposed plan does not "provide adequate protection for public health and the environment," the US Environmental Protection Agency issued a unilateral administrative order for the company to "clear addresses on GE sites" in Rome, Georgia, also contaminated with PCB.
The nuclear reactor involved in the 2011 crisis at Fukushima I in Japan is a GE design, and the architectural design is done by Ebasco, formerly owned by GE. Concerns over the design and safety of the reactor were raised as early as 1972, but tsunami hazards were not addressed at the time. In 2014, the same nuclear power plant model designed by GE operates in the US, such as the controversial Pilgrim Nuclear Generating Station, in Plymouth, Massachusetts.
Hudson River Pollution
GE is heavily contaminated by the Hudson River with polychlorinated biphenyls (PCBs) between 1947 and 1977. This pollution causes many harmful effects on wildlife and people who eat fish from the river or drink water. In response to contamination, the 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 river, from Hudson Falls to New York City, to become a Superfund site requiring cleaning. This Superfund site is considered one of the largest in the country. Other sources of contamination, including mercury contamination and waste disposal, have also contributed to problems in the Hudson River basin.
Housatonic River Pollution
From c. 1932 Until 1977, GE polluted the Housatonic River by removing the PCB from its factory in Pittsfield, Massachusetts. EPA designated the Pittsfield factory and a few miles from Housatonic became the Superfund site in 1997, and ordered GE to remediate the site. Aroclor 1254 and Aroclor 1260, made by Monsanto are the main contaminants of pollution. The highest concentrations of PCBs in the Housatonic River are found at Woods Pond in Lenox, Massachusetts, just south of Pittsfield, where they have been measured up to 110 mg/kg in sediment. About 50% of all PCBs currently in the river are expected to be deposited in the sediments behind the Woods Pond embankment. This is estimated at about 11,000 pounds PCB. The former oxbows are also polluted. Waterfowl and fish living in and around the river contain significant levels of PCB and can pose health risks if consumed.
Environmental Initiatives
On June 6, 2011, GE announced that it has licensed solar thermal technology from California-based eSolar for use in power plants that use diesel and natural gas.
On May 26, 2011, GE launched the EV Solar Carport, a carport that incorporates solar panels on its roof, with an electric vehicle charging station under its cover.
In May 2005, GE announced the launch of a program called "Ecomagination", which, in the words of CEO Jeff Immelt, "to develop solutions tomorrow such as solar energy, hybrid locomotives, fuel cells, low-emission aircraft engines, lighter and stronger durable materials, efficient lighting, and water purification technology ". The announcement prompted an opinion article in The New York Times to observe that, â € while an increase in General Electric's emphasis on clean technology may produce better and more profitable products, his credibility. Immelt as a national environmental policy spokesman is a fatal flaw due to his firm's firmness in clearing his own toxic legacy. "
GE has said it will invest $ 1.4 billion in research and development of clean technology in 2008 as part of the Ecomagination initiative. As of October 2008, the scheme has produced 70 green products brought to market, ranging from halogen lamps to biogas engines. In 2007, GE raised its annual revenue target for its Ecomagination initiative from $ 20 billion in 2010 to $ 25 billion after a positive market response to its new product line. In 2010, GE continued to increase its investment by adding $ 10 billion to Ecomagination over the next five years.
GE Energy's renewable energy business has grown rapidly, to meet the growing US and global demand for clean energy. Since entering the renewable energy industry in 2002, GE has invested more than $ 850 million in commercialization of renewable energy. In August 2008, the company acquired Kelman Ltd., a Northern Ireland based company specializing in advanced monitoring and diagnostic technologies for transformers used in renewable energy generation, and announced its business expansion in Northern Ireland in May 2010. In 2009 , GE's renewable energy initiative, which includes GE Jenbacher's solar, wind power and gas engines using renewable and non-renewable gas-based gas, employs over 4,900 people worldwide and has created more than 10,000 support jobs.
GE Energy and Orion New Zealand Limited (Orion) have announced the implementation of the first phase of GE's network management system to help improve power reliability for customers. The GE ENMAC Distribution Management System is the foundation of the Orion initiative. The smart grid technology system will significantly enhance the networking company's ability to manage major network emergencies and help to recover power faster in the event of blackouts.
Education initiatives
GE's health care is in collaboration with Wayne State University School of Medicine and the University of Medicine of South Carolina to offer an integrated radiology curriculum during each of the MD Programs led by researchers from Advanced Diagnostic Ultrasound in a micro-gravity study. GE has donated more than a million dollars of Logiq E Ultrasound equipment to these two institutions.
Initiative marketing
content-marketing campaign 2011-2013
Between September 2011 and April 2013, GE runs a content marketing campaign dedicated to telling the stories of "innovators - people who reshape the world through action or discovery". The initiative includes 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 user-generated competition that receives over 600 submissions , from which 20 finalists are selected.
Short Film, Great Idea was launched at the 2011 Toronto International Film Festival which partnered with a cinelan. Stories include breakthroughs in Slingshot (water vapor distillation system), cancer research, energy production, pain management and food access. Each of the 30 films received the world premiere at major international film festivals, including the Sundance Film Festival and the Tribeca Film Festival. The award winning amateur director, The Cyborg Foundation, was awarded a prize of US $ 100,000 in 2013 at the Sundance Film Festival. According to GE, this campaign garnered over 1.5 billion total media impressions, 14 million views online, and was seen in 156 countries.
Sponsor
In January 2017, GE signed a $ 7 million deal with the Boston Celtics to have the company logo wearing the NBA team's jersey.
Legal issues
On August 4, 2009, the SEC fined GE $ 50 million for violating accounting rules in two separate cases, misleading investors into believing GE will meet or beat earnings expectations.
GE has faced criminal offenses related to its defense-related operations. GE was sentenced in 1990 for defrauding the US Department of Defense, and again in 1992 over allegations of corruption in the sale of jet engines to Israel.
A GE abandoned building is on Seaview Avenue in Bridgeport, Connecticut. The abandoned property has been cited in a crime that included being used as a hiding place for a 72-year-old thief in 2008. Defense lawyers include Craig Bridges and Tony Weimar
Political affiliation
In the 1950s GE sponsored Ronald Reagan's TV career and launched it on the lecture circuit as a fighter against the big government. While it can be said that GE often supports conservative policies, GE notes by designing social programs, supporting civil rights organizations, and funding minority education programs, speak to their efforts to support philanthropic programs and progressive causes.
Important appearances in media
In the early 1950s Kurt Vonnegut was a writer for GE. A number of novels and stories (especially the Cradle Cat and the Piano Player) refer to the fictional Ilium town, which seems to be loosely based on Schenectady, New York. The Ilium Works is the setting for a short story "Deer in Work".
In 1981, GE won the Clio award for his: 30 Soft Light Bulbs commercial, We Bring Good Things to Life. The slogan "We Bring Good Things to Life" was created by Phil Dusenberry at the BBDO advertising agency.
GE is the main focus of an Academy Award-winning 1991 documentary film, Deadly Deception: General Electric, Nuclear Weapon, and Our Environment , which juxtapose GE ads "We Bring Good Things To Life "with the true story of workers and neighbors whose lives are affected by the activities of companies involving nuclear weapons.
In 2013, GE received the Jefferson National Award for Services Circulated by Major Corporations.
See also
- Edison Engineering Development Program
- GE Global Research
- GE Hitachi Nuclear Energy
- GE Technology Infrastructure
- Knolls Atomic Power Laboratory
- List of assets owned by General Electric
- Phoebus cartel
- Top 100 US Federal Contractors
References
Note
Further reading
- Carlson, W. Bernard. Innovation as a Social Process: Elihu Thomson and Rise of General Electric, 1870-1900 (Cambridge: Cambridge University Press, 1991).
- Woodbury, David O. Elihu Thomson, Dear Scientist (Boston: Science Museum, 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 in 1947.
- Irmer, Thomas. Gerard Swope. In Immigrant Entrepreneurship: German-American Business Biography, 1720 to the present, vol. 4, edited by Jeffrey Fear. German History Institute.
External links
- Official website
Source of the article : Wikipedia
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