Otis Singleton
General Electric Company (GE) is an American multinational conglomerate founded in 1892 and incorporated in the state of New York. The company has multiple divisions, including aerospace, renewable energy, and power businesses. GE has a global presence in Europe, Asia, the Americas, and the Middle East and Africa. With a diverse portfolio of leading technologies, GE powers 3 out of 4 commercial flights globally and helps generate approximately 25% of the world's electricity. The company has a long history of innovation and has been committed to transparency and social responsibility.
| Characteristics | Values |
|---|---|
| Type of company | High-tech industrial company |
| Year founded | 1892 |
| Headquarters | Boston, Massachusetts, US |
| Divisions | Aerospace, renewable energy, and power businesses |
| Business presence | Europe, Asia, the Americas, and the Middle East and Africa |
| Number of employees | 52,000-75,000 |
| Number of countries with employees | 100 |
| Number of wind turbines | 55,000-57,000 |
| Number of gas turbines | 7,000 |
| Annual revenue | $33 billion |
| Number of patients served annually | 1 billion+ |
| Number of engines | 44,000 commercial and 26,000 military |
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What You'll Learn
General Electric's global presence
General Electric Company (GE) is an American multinational conglomerate founded in 1892 and headquartered in Boston, Massachusetts. The company has multiple divisions, including aerospace, renewable energy, power, aviation, healthcare, lighting, locomotives, appliances, and finance.
GE has a significant global presence, with business operations spanning across Europe, Asia, the Americas, and the Middle East and Africa. The company has a strong focus on aviation, with its products and services powering three out of four commercial flights globally. GE Aerospace, one of its standalone public companies, has an installed base of more than 44,000 commercial and over 26,000 military aircraft engines.
In the energy sector, GE plays a crucial role in the transition to sustainable energy. GE Vernova, another standalone public company, is dedicated to providing affordable, reliable, and sustainable energy solutions. With approximately 57,000 wind turbines and 7,000 gas turbines, GE Vernova helps generate approximately 25% of the world's electricity. The company has a global team of 75,000 employees across approximately 100 countries, working towards decarbonizing the world's power systems.
GE Healthcare, another independent company under the GE brand, is a leading global medical technology, pharmaceutical diagnostics, and digital solutions provider. It serves over 1 billion patients annually, with a presence in various countries.
Over the years, GE has expanded its global presence through mergers and acquisitions. Notable examples include the acquisition of RCA Corporation in 1985 to gain ownership of the NBC television network and the purchase of Vickers Shipbuilding & Engineering in 1995, which became Marconi Marine. GE has also partnered with companies like Quirky to develop innovative products such as the connected LED bulb, Link.
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$99.12
The company's history
General Electric Company (GE) is an American multinational conglomerate founded in 1892, incorporated in the state of New York, and headquartered in Boston, Massachusetts. The company was founded following a series of mergers between various companies owned by Thomas Edison and the Thomson-Houston Electric Company. GE was created through the acquisition of all the assets of the Edison General Electric Company and two other electrical companies. Edison General Electric was founded by Thomas Edison in 1878 to market his incandescent lamp and other products. Edison remained associated with GE through his patents and consulting duties.
GE went on to produce one of the largest lines of electrical industrial and consumer goods in the world. In 1900, the company established an industrial research laboratory where many of its later products were developed by in-house scientists. Over the years, GE has had multiple divisions, including aerospace, energy, healthcare, lighting, locomotives, appliances, and finance. The company has also been at the forefront of technological and industrial innovations, including in the field of lasers, hydroelectric power, and gas power.
In the 1960s, GE was one of the eight major computer companies, offering a range of general-purpose and special-purpose computers, as well as real-time process control and message switching computers. The company also has a history of supporting minority engineering, with GE researchers achieving two laser breakthroughs in the 1970s.
GE has experienced financial setbacks and strategic shifts over the years. Following the Great Recession of the late 2000s, the company began selling off various divisions and assets, including its appliances and financial capital divisions. In 2014, GE partnered with Quirky to announce its connected LED bulb, Link, designed to communicate with smartphones and tablets. In 2017, GE further divested its assets in locomotives and lighting to focus more on aviation. However, the COVID-19 pandemic caused a significant drop in revenue due to restrictions on air travel.
In 2021, it was announced that GE would be broken up into three separate public companies by 2024: GE Aerospace, GE HealthCare, and GE Vernova, focusing on aerospace, healthcare, and energy, respectively. GE Aerospace became the legal successor of the original GE, carrying forward the name and ticker symbols.
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Its diverse portfolio
General Electric Company (GE) is an American multinational conglomerate founded in 1892. It has a diverse portfolio, with a presence across multiple divisions and industries.
One of GE's key areas of business is aerospace. The company has a long history in this sector, dating back to its early involvement in the defence sector and military supplies during World War I. Today, GE Aerospace is a standalone public company and a global leader in propulsion, services, and systems. With over 44,000 commercial and 26,000 military aircraft engines, GE Aerospace powers 3 out of 4 commercial flights globally.
GE has also diversified into the healthcare industry, with GE Healthcare being another standalone public company. GE Healthcare is a leading global innovator in medical technology, pharmaceutical diagnostics, and digital solutions. It has served over 1 billion patients annually and aims to create a world where healthcare has no limits.
Another important part of GE's portfolio is its energy business. GE Vernova, the energy company formed during GE's split, is committed to delivering a more affordable, reliable, sustainable, and secure energy future. With approximately 57,000 wind turbines and 7,000 gas turbines, GE Vernova helps generate about 25% of the world's electricity.
In addition to these core businesses, GE has also ventured into various other industries. This includes a focus on aviation through GE Aviation, digital innovation through GE Digital, and renewable energy through GE Renewable Energy. The company has a history of innovation in electronics and technology, including being one of the eight major computer companies of the 1960s.
GE's diverse portfolio and global presence have made it a significant player in multiple industries, impacting the lives of people worldwide.
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GE's commitment to sustainability
General Electric Company (GE) is an American multinational conglomerate founded in 1892. It has multiple divisions, including aerospace, energy, healthcare, lighting, locomotives, appliances, and finance.
GE has demonstrated its commitment to sustainability through various initiatives and goals. Firstly, they have committed to becoming a net-zero company by 2050, encompassing not only their operations but also the Scope 3 emissions from the use of their solutions. This commitment is reflected in their carbon-neutral pledge, acknowledging that past approaches to growth are no longer sustainable in the present or future.
In the field of energy, GE is working to build a more sustainable electric power system. They have four pillars in their sustainability framework: Electrify, Decarbonize, Conserve, and Thrive. They aim to increase access to more secure, sustainable, reliable, and affordable electricity while driving economic development. GE is also leveraging its history of innovation to drive sustainability, with $3.8 billion in research and development funding in 2020, leading to breakthroughs like the Haliade-X turbine, the most powerful offshore wind turbine, and the HA turbine, the most efficient gas turbine.
GE Aerospace, a global leader in propulsion, services, and systems, is central to achieving the industry's long-term climate goals. They are developing more efficient engine technologies compatible with alternative fuels and exploring Sustainable Aviation Fuel (SAF) and CO2 removal technologies to meet the aviation industry's net-zero emissions target by 2050.
GE Healthcare, a leading global medical technology company, is committed to providing integrated solutions, services, and data analytics to make hospitals more efficient and effective. They are advancing personalized, connected, and compassionate care while simplifying the patient's journey, ensuring a sustainable approach to healthcare.
Overall, GE is dedicated to building a sustainable world, delivering for customers and stakeholders while reducing its environmental impact and meeting the planet's complex challenges.
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The company's key executives
General Electric Company (GE) is an American multinational conglomerate founded in 1892. In 2020, it was ranked 33rd in the United States by gross revenue by Fortune 500.
GE's key executives include:
- H. Lawrence Culp, Jr. – Chairman and Chief Executive Officer of GE since October 2018. He also serves as Chief Executive Officer of GE Aviation and GE Aerospace. Culp previously served as the Director of GlaxoSmithKline and T. Rowe Price Group, and as Senior Lecturer of Harvard Business School.
- Thomas S. Timko – Chief Accounting Officer, Vice President, and Controller of GE since September 2018. Timko previously served as the Chief Accounting Officer of General Motors.
- Chris Pereira – Chief Risk Officer and Chief Strategy Officer of GE since September 2020. Pereira previously served as the Chief Corporate Counsel and Chief Risk Officer of GE, and as Vice President and General Counsel of Business Innovations for GE Lighting, GE Current, GE Ventures, and GE Shared Services.
- Amy Gowder – President and Chief Executive Officer of GE Aerospace Defense and Systems. Gowder has over 20 years of leadership experience in the aerospace and technology industry, previously serving as Chief Operating Officer for Aerojet Rocketdyne and holding several key executive positions at Lockheed Martin.
- Tara DiJulio – Senior Vice President and Chief Corporate Affairs Officer for GE Aerospace. DiJulio is responsible for promoting and protecting the GE Aerospace brand and ensuring the company's strategic communications approach. She previously served as Vice President and Chief Communications Officer for GE.
- Russell Stokes – President and Chief Executive Officer of Commercial Engines & Services at GE Aerospace, leading a team of ~12,000 employees responsible for an industry-leading ~$24 billion business.
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