General Electric
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GENERAL ELECTRIC
General Electric is a company who strives to put their best foot forward. For more then 120 years, General Electric has been number one in the products they sell. From airplane engines to light bulbs, their attitude has been admired not only in America, but worldwide. GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. After all GE has accomplished, including revenues of 152.4 billion dollars in 2004, the company still maintains a healthy relationships with its customers.
In 1876, Thomas Edison opened a laboratory in Menlo Park, New Jersey. In that lab one of the greatest inventions of all surfaced, the light bulb. That one business however was not enough for Edison. In 1890, Edison organized various businesses into the Edison General Electric Company. In 1879, Elihu Thomson and E.J. Houston formed a competitive company, Thomson-Houston Company. This company also merged with various companies to keep up with Thomas Edisons company. It was then ran by Charles A. Coffin, a former shoe manufacturer from Massachusetts. When these two companies began to expand, it became increasingly difficult for either to produce complete electrical products. In 1892, these two companies merged with the
help of JP Morgan, a financial company. When these companies merged, it became known as “General Electric Company”. After the merger, the company moved its headquarters to Schenectady, New York. In 1896, GE was one of the original 12 companies to be listed on the newly formed Dow Jones. Today, it is the only original company to be listed. In 1919, GE founded the Radio Corporation of America (RCA), and American Telephone & Telegraph (AT&T).
Through the 1960s, GE was one of the eight major companies (with IBM being the largest and UNIVAC being the smallest). GE also had an extensive line of computers ranging from general purpose to special purpose computers. It was said GE got into the computer business because in the 1950s they were the largest users of computers outside the U.S government. In 1970, GE sold its popular computer division to Honeywell. When GE reacquired RCA, it was mainly for the NBC television network. The rest of RCA was sold to various other companies. In more recent years GE has been growing its assets in different industries, including the 2004 buyout of Vivendi Universal. In the same year GE bought out the credit card unit of the department store Dillards for 1.25 billion dollars. One of the last acquisitions was the financial assets of the Canadian airplane manufacturer Bombardier for 1.4 billion dollars.
General Electric consists of many different types of divisions that have allowed them to become one of the worlds largest corporations in the world today. Many of the products that have been developed have allowed GE to become the potent industry it is today, such things as Light bulbs, home appliances, electronic supply to major corporations, and much more.
General Electric has become known for their superior quality and design of their products. The different types of products GE consist of are, Appliances such as fridge, stoves, microwaves. All these appliances are used in the home and have become a necessity for all people living in a home. Home electronics is another portion that they deal with, which includes phones, clocks, radios, computers, and much more of our growing needs. As far as lighting they are the biggest supplier in the light bulb industry. The company has grossed in more than any of its competitors in the last decade. Going beyond the home and the business office, GE has manufactured many Aircraft engines, Train engines, Boat engines, and also car engines. Those industries have contributed to the many success of GEs dynasty. GE is a company that never stops working on new ways to improve their status as a dominant force in the business world; they are involved in many new projects. Water is the first project that they are focused on; their challenge is water scarcity combining state of the art reverse osmosis with energy and financial solutions. Their next project is wind energy. Their mission is to provide a more advance and efficient source of energy, and this is being done for the services of the energy industry. Another project being worked on is the Gevo 12-cylinder diesel engine products the same 4,400 horsepower as its 16- cylinder competitor. This engine uses less fuel, delivering significant savings over the life of the diesel locomotive.
General Electric over the years has expanded their target markets from and older generation, to a new and more youthful generation. Now in our society more and more young women are taking the necessary steps to become more responsible and independent. In our days marriage occurs in the early 20s and lower, with that information GE has figured that more of the younger generation would be into such products as their mothers were into. Now more commercials are focused on mainly middle aged women that are in the process of becoming parents are wives. Other target markets include Aircraft industry, rail, automobile, appliance, electronic, consumer direct, and energy industry. As time progresses so will the expansion of GEs target market, and they will continue to be the dominant power house in the Electrical industry.
General Electric Company (GE) is a diversified industrial corporation engaged in developing, manufacturing and marketing a wide variety of products for the generation, transmission, distribution, control and utilization of electricity. The Company operated in 11 segments. On June 23, 2005, GE announced reorganization of its 11 businesses into six industry-focused businesses effective July 5, 2005. The six businesses are GE Infrastructure, GE Industrial, GE Commercial Financial Services, GE NBC Universal, GE Healthcare and GE Consumer Finance. During the year ended December 31, 2004, GE acquired the commercial lending business of Transamerica Finance Corporation. Also in 2004, GE acquired Australian Financial Investments Group. On May 11, 2004, GE completed the merger of NBC with Vivendi Universal Entertainment LLLP. In December 2004, GE Infrastructure completed the acquisition of InVision Technologies, Inc. Also in December 2004, GE sold a majority interest in Gecis.
From jet engines to TV broadcasting, from plastics to power plants, General Electric (GE) is plugged in to most businesses that have shaped the modern world. The company produces aircraft engines, locomotives and other transportation equipment, appliances (kitchen and laundry equipment), lighting, electric distribution and control equipment, generators and turbines, nuclear reactors, medical imaging equipment, and plastics.