Wiktor Wise
General Electric, commonly referred to as GE, is a multinational corporation with a rich history of technological innovation. GE was formed through the merger of the Edison General Electric Company and the Thomson-Houston Electric Company and has since diversified into four major divisions: GE Power, GE Renewable Energy, GE Aviation, and GE Healthcare. The company has a presence in over 100 countries and offers a range of products and services, including power-generation equipment, plastics, medical scanners, and research laboratories. GE's success can be attributed to its ability to expand into additional markets and its early adoption of electricity, making it a valuable asset for investors.
| Characteristics | Values |
|---|---|
| Type of Business | Multinational Corporation |
| Founded | 1886 |
| Founder | Gustav Binswanger (later Gustav Byng) |
| Location | London, UK |
| Business Model | Supplying electrical components over the counter |
| Notable Mergers | Edison General Electric Company, Thomson-Houston Electric Company, RCA Corporation, Genpact, Marconi Communications, Alstom |
| Divisions | GE Power, GE Renewable Energy, GE Aviation, GE Healthcare, GE Aerospace, GE Vernova |
| Customers | Saudi Arabia (one of the largest customers) |
| Shareholders | Mr. H. Lawrence Culp Jr., The Capital Group, The Vanguard Group, T. Rowe Price |
| Revenue | ~$19 billion |
| Employees | 50,000-55,000 |
| Presence | Over 100 countries |
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What You'll Learn
GE's history and origins
General Electric (GE) is a global corporation with a diverse range of businesses, including aviation, healthcare, and energy. With over 130 years of history, GE has a long tradition of innovation and a presence in numerous countries worldwide.
The origins of GE can be traced back to the late 19th century when several pioneering companies laid the foundation for what would become GE. In 1880, Gerald Waldo Hart established the American Electric Company of New Britain, Connecticut. This company later merged with the Thomson-Houston Electric Company, led by Charles Coffin. Meanwhile, in 1889, Thomas Edison's Edison Electric Company was formed. These companies would eventually come together to create GE.
In 1892, the Edison General Electric Company and the Thomson-Houston Electric Company merged with the support of Drexel, Morgan & Co., forming General Electric. The original plants of both predecessor companies continued to operate under the GE banner, and the new company was incorporated in New York, with its headquarters in Schenectady. GE's Canadian counterpart, Canadian General Electric, was also established around this time.
GE quickly became a prominent force in the electrical industry, and in 1896, it was listed on the newly formed Dow Jones Industrial Average. Over the next few decades, GE continued to grow and diversify. In 1911, it absorbed the National Electric Lamp Association (NELA) into its lighting business, establishing its lighting division headquarters at Nela Park in East Cleveland, Ohio. GE also ventured into new areas, such as founding the Radio Corporation of America (RCA) in 1919.
Throughout the 20th century, GE continued to innovate and expand its business. It entered the computer industry in the 1950s, becoming the largest user of computers outside the US federal government and the first business in the world to own a computer. GE also made significant contributions to healthcare, aviation, energy, and other industries, solidifying its position as a global leader in technology and innovation. Today, GE continues to build on its rich history, shaping the future of various sectors and improving lives worldwide.
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GE's business model and strategy
General Electric (GE) is a global corporation with a diverse range of business interests. Its primary areas of operation include power generation, transmission, and distribution of electricity; industrial automation; medical imaging equipment and healthcare; motors; aircraft jet engines; and aviation services. GE also has a significant financial services division and a presence in over 100 countries.
GE's generic competitive strategy, based on Porter's model, involves differentiation. The company aims to attract customers by offering unique and specialised products, such as the F-110 turbofan engine used in F-16 aircraft. GE's intensive growth strategies, aligned with the Ansoff Matrix, further support its expansion and sustainability in global markets. The company's growth strategies include product development, market penetration, market development, and diversification.
GE also utilises its own Strategic Business Planning Grid, also known as the GE McKinsey Matrix, for portfolio management and strategic planning. This framework evaluates each business unit or product line based on market attractiveness and competitive position, helping GE identify areas of focus and allocate resources accordingly. The matrix consists of a grid divided into nine cells, each representing a different combination of market attractiveness and competitive position, with corresponding strategies for managing business units.
GE's business deals and acquisitions have also played a significant role in its strategy. Notable examples include the 1985 merger with RCA Corporation to acquire the NBC television network, and the 2017 business deals with Saudi Arabia, one of GE's largest customers. However, GE has also faced challenges, including allegations of accounting fraud in 2019 and potential violations of securities laws in 2020.
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GE's acquisitions and mergers
General Electric Company (GE) is an American multinational conglomerate founded in 1892. The company has multiple divisions, including aerospace, transportation, energy, healthcare, lighting, locomotives, appliances, and finance.
GE has a long history of acquisitions and mergers, dating back to its formation in 1892 through the merger of Thomson-Houston Electric and Edison General Electric Company. Over the years, GE has continued to grow and diversify through various acquisitions and mergers, which have shaped the company into the conglomerate it is today.
One notable acquisition was in December 1985 when GE reacquired the RCA Corporation for $6.28 billion, primarily to gain ownership of the NBC television network. This merger surpassed the Capital Cities/ABC merger from earlier that year as the largest non-oil company merger in world business history. GE owned NBC until 2013 when it was acquired by Comcast.
Another significant merger occurred in July 2017 when GE Oil & Gas combined with Baker Hughes, creating a publicly traded entity controlled by GE. The deal was valued at around $30 billion and resulted in the formation of Baker Hughes, a GE Company (BHGE). However, in 2018 and 2019, GE reduced its stake in Baker Hughes, and the company reverted to its previous name.
In addition to these major deals, GE has also made numerous other acquisitions and divestments over the years. For example, in 1993, GE sold its Aerospace business to Martin Marietta, and in 2000, it made a counter-offer to acquire Honeywell, which was approved, although this was later blocked by the European Union. In 2014, GE announced plans to open its global operations center in Cincinnati, Ohio, and the company continues to seek growth and expansion opportunities through strategic acquisitions and partnerships.
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GE's products and services
General Electric (GE) is a global corporation with a diverse range of products and services. It has a presence in over 100 countries and has appeared on the Fortune 500 list for many years.
GE's businesses include the generation, transmission, and distribution of electricity, with a focus on nuclear, gas, and solar energy. They also have a significant presence in the aerospace industry, with an installed base of more than 44,000 commercial and over 26,000 military aircraft engines. Additionally, GE offers a range of financial services through its subsidiaries, GE Commercial Finance, GE Consumer Finance, GE Equipment Services, and GE Insurance.
In addition to the above, GE also manufactures and sells home appliances, with a particular focus on kitchen and laundry appliances. Their range includes refrigerators, washers, dryers, microwaves, and dishwashers. GE also offers smart appliances that can be connected to home WiFi, allowing for remote control and the receipt of alerts.
GE has a long history of innovation, including being the first business in the world to own a computer back in the 1950s. Today, GE continues to innovate, particularly in the energy sector, with GE Vernova, a planned global energy company dedicated to tackling the world's challenges and leading the energy transition to a more sustainable future.
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GE's global presence and impact
General Electric (GE) is a publicly traded company on the New York Stock Exchange with a global presence in over 100 countries and 80,000 employees worldwide. The company has multiple divisions, including aerospace, transportation, energy, healthcare, lighting, locomotives, appliances, and finance.
GE's global impact is significant, with the company generating approximately 30% of the world's electricity and serving over 1 billion patients annually. GE Aerospace is a global leader in propulsion, services, and systems, with over 44,000 commercial and 26,000 military aircraft engines. GE Healthcare, a division of GE, is a leading global medical technology innovator, providing integrated solutions, services, and data analytics to improve patient care and make hospitals more efficient.
In addition to its direct impact on industries, GE has also fostered international collaboration and knowledge-sharing across its vast network. The company has invested in digital tools, training, and "exchange" platforms to facilitate the exchange of ideas and solutions among its employees, helping to break down silos and drive innovation. This has enabled GE to expand globally, scale innovation across industries, and improve productivity.
GE's global presence is further evident through its acquisitions and partnerships. In 2013, GE sold its stake in NBCUniversal to Comcast for $16.7 billion, ending its longtime involvement in television and film media. The company has also made significant acquisitions, such as oilfield pump maker Lufkin Industries for nearly $3 billion and the global power division of French engineering group Alstom for around $13 billion. GE has signed multi-billion-dollar business deals with countries like Saudi Arabia, showcasing its global reach and impact.
Overall, GE's global presence and impact are far-reaching, with the company influencing various industries, fostering international collaboration, and shaping the future of energy, healthcare, and technology through its innovative solutions and vast network.
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Frequently asked questions
General Electric (GE) is a multinational corporation that has existed for over 125 years. It was formed through the merger of the Edison General Electric Company and the Thomson-Houston Electric Company.
GE is involved in a variety of industries, including power generation and distribution, aviation, healthcare, finance, consumer electronics, defence, and engineering.
GE has a history of expanding through acquisitions and mergers. Some notable examples include the RCA Corporation in 1985, Cincinnati Electronics in 1981, Picker Corporation in 1981, and Alstom in 2014.
GE has a rich history of technological innovation. Some notable innovations include the world's first practical loudspeaker, a method for recording complex sound on film, the development of electric lighting and the light bulb, and the first turbine-powered battleship for the U.S. Navy in 1915.
