General Electric Company Essay Example

General Electric Company or also popularly known as GE is the biggest conglomerate in the United States. GE has always been firm and strong with its industrial businesses. It offers diversified technology and is also a credible financial services company. With its wide and diverse variety of products of; aircraft engines, water processing, household appliances, power generation, industrial products, business and consumer financing, GE is unquestionably a strong conglomerate. It is present in more than 100 countries all over the world.

GE’s segments are Aviation, Energy Infrastructure, Transportation, Healthcare, GE Capital, and Home and Business Solutions. However, GE streamlined their segments into Aviation, Healthcare, and Transportation. Earlier this year, the company announced that they will sell its remaining stake in NBC Universal to Comcast. * In 1890, Thomas Alva Edison, inventor of the light bulb, established the Edison General Electric Company, which later merged with a rival to form the General Electric Company.

* In 1896, General Electric was one of the 12 companies listed on the newly formed Dow Jones Industrial Average, and it’s the only original one that’s still there. * Jeffrey Immelt, 52 years old, is GE’s current chairman and chief executive. He was appointed in 2000 to replace Jack Welch. * After retiring from GE, Welch, dubbed as “Neutron Jack” for eliminating jobs at the company, wrote “Jack: Straight from the Gut”, a book that became an instant bestseller. * GE, the second-largest U. S. company by market capitalization, employs about 327,000 people and operates in more than 100 countries.

* GE has six business segments: GE Commercial Finance, GE Healthcare, GE Industrial, GE Infrastructure, GE Money and NBC Universal. * In 2004 GE bought Vivendi’s television and movie assets, becoming the third-largest media conglomerate in the world. In the same year it completed the spinoff of most of its mortgage and life insurance assets into an independent company, Genworth Financial, based in Richmond, Virginia. * GE was the fourth most recognized brand in the world, worth almost $49 billion, in 2007 and topped such brands as Nokia, McDonald’s and Citi, according to a study by BusinessWeek magazine.

* Katharine Burr Blodgett, the first woman scientist to join GE Research laboratory, invented non-reflecting, invisible glass in 1939. (Sources: Company Web site, Reuters stories, BusinessWeek, Hoovers. com) (Assembled by Sweta Singh in Bangalore) 1. We’re really into wind: We’re the #1 manufacturer of wind turbines in the United States with more than 10,000 wind turbines installed globally. 2. In 2008, GE filed over 2,500 patents worldwide. 3. Every day, GE Evolution locomotives save so much fuel it’s like taking 43,000 cars off U. S. roads. 4.

Aircraft engines from GE and its partners carry 3. 5 million commercial passengers every day. 5. Hulu, the web video joint venture of NBC Universal and Fox, is part of an evil plot by invading aliens to make you watch more TV. Really. 6. We were founded by Thomas Edison, and he once said: “I’d put my money on the sun and solar energy. What a source of power! I hope we don’t have to wait ‘til oil and coal run out before we tackle that. ” 7. GE built the largest desalination plant in Africa, providing fresh water to as many as 2 million residents of Algiers. 8.

When Richard Branson’s Virgin Atlantic used jet biofuel for the first time ever in-flight, GE was there. Our CF6 engine used a biofuel based on coconut and babassu oil. 9. Just one GE Energy 1. 5MW wind turbine can power 500 U. S. homes. 10. GE Energy Financial Services invests in 30,000 miles of natural gas pipelines in North America. 11. Every day, GE Healthcare technology will help doctors save nearly 3,000 lives. 12. GE Security secures the Eiffel Tower and the Statue of Liberty. 13. GE power generation equipment creates a quarter of the world’s electricity daily.

14. Everyday, NBC Universal entertains and informs more than 100 million people. 15. GE water technologiespurify enough water to satisfy the daily needs of 39 million people around the world. 16. While we’re obviously super-proud of GE, some of us actually resisted jumping on the Facebook “25 Things” trend. 17. Small enough to fit in a physician’s backpack, the GE MAC 400 is the first compact electrocardiogram (ECG) device to be designed, developed and manufactured in India for India, giving more people in more areas access to better healthcare. 18.

GE’s state-of-the-art gas turbines and reverse-osmosis plants will form the heart of the world’s largest integrated water and power plant in Marafiq, Saudi Arabia. 19. Using garnet gemstones, GE engineers developed the world’s first High-Definition CT scanner, providing high-definition images at 100 times the speed of previous medical scanners — another big step forward in the early detection of cancer. 20. GE’s new nano coatings, developed by studying the leaves of lotus plants, can repel water, which reduces ice on a wind turbine blade, or helps parts of a gas turbine to reject grime, resulting in better efficiency.

21. Using a process similar to that for printing newspapers, GE unveiled the world’s first demonstration of “roll-to-roll” processed OLEDs, organic light-emitting diodes – essentially flexible sheets of lighting. 22. GE Energy Financial Services holds equity investments in power projects with the capacity to produce 26 gigawatts — equivalent to the installed generating capacity of Thailand. 23. FINCA International, a non-profit microfinance institution, and GE Money are bringing financial services to more than 8,400 women in Jordan through their Banking on Women program.

24. GE’s hybrid vehicle team of scientists figured out how to capture the energy created when massive mining operation trucks put on the brakes. The vehicles can now brake, store the energy and then re-use it – saving fuel and increasing efficiency. 25. We actually like it when Alec Baldwin skewers us on “30 Rock. ” http://www. gereports. com/25-random-things-about-ge/ GE Subsidiaries – Access Distribution GE Advanced Materials GE Capital Rail Services GECAS GE Commercial Finance GE Consumer & Industrial GE Consumer Finance GE Energy GE Engine Services, Inc.

GE Equipment Services GE Fanuc Automation North America, Inc. GE Financial Assurance Holdings, Inc. GE Franchise Finance Corporation GE Global Research GE Healthcare GE Infrastructure GE Insurance GE Money GE Osmonics GE SeaCo SRL GE Security GE Small Business Finance Corporation GE Supply GE Transportation General Electric Mortgage Insurance Corporation Genworth Financial Global Nuclear Fuel – Japan Co. , Ltd. HPSC, Inc. Instrumentarium Corporation MRA Systems, Inc. NBC Universal, Inc. Transport International Pool Inc. WMC Mortgage Corp.

Through these businesses, GE participates in a wide variety of markets including the generation, transmission and distribution of electricity, lighting, industrial automation, medical imaging equipment, motors, railway locomotives, aircraft jet engines, aviation services and materials such as plastics, silicones and abrasives. It was co-founder and is 80% owner (with Vivendi Universal) of NBC Universal, the National Broadcasting Company. As GE Commercial Finance, GE Consumer Finance, GE Equipment Services, and GE Insurance it offers a range of financial services as well. It has a presence in over 100 countries.

EFFECTS OF GLOBALIZATION!!!!! There is probably no more “American” corporation than General Electric — and no company with more of a non-national world outlook. What’s more, no company’s record better illustrates the glories of corporate globalization for the well-off, and the misery it brings to the many. Founded by American icon Thomas Edison, GE is now headed by Jack Welch, who has said, “Ideally you’d have every plant you own on a barge. ” Meaning, ready to move if any national government tried to impose restraints on the factories’ operations, or if workers demanded better wages and working conditions.

While Welch’s 20-year reign has been a golden era for shareholders — the company’s stock value has risen three time more than the Dow Jones average, leading Forbes magazine to name Welch the “Most Admired CEO of the Century” — it has been a disaster for employees. GE has slashed its US workforce by almost half since 1986. That’s “because of speed up, downsizing, outsourcing, plant closings, you name it,” says Chris Townsend, political director of the United Electrical Workers. GE has, of course, globalized its operations by shifting production to low-wage countries.

(And even in these countries, the jobs remain precarious: GE recently shuttered a factory in Turkey to move it to lower-wage Hungary — and it has threatened to close a factory in Hungary and move it to India. ) Now GE appears no longer satisfied to move its own plants — it wants its suppliers to follow suit. In a startling memo obtained by Business Week, GE Aircraft Engines (GEAE) — a hugely profitable division — told suppliers that they would have to move to Mexico if they hoped to continue their relationship with GE.

GEAE has held what it calls “supplier migration” conferences in Cincinnati, near its headquarters, and in Monterrey, where an aerospace industrial park is being built. An internal report on a GEAE meeting with its suppliers says, “GE set the tone early and succinctly: ‘Migrate or be out of business; not a matter of if, just when. This is not a seminar to provide you information. We expect you to move and move quickly. ‘” These kind of tactics obviously leave GE’s workers (not to mention those in supplier plants) in a weak negotiating position.

New contract negotiations between GE and its unionized workforce in the US are set to begin later this month, with GE’s collective bargaining agreements expiring at the end of June. In an unusual arrangement that has its origins in the anti-communism that wracked the labor movement after World War Two, GE workers are represented by 14 US unions. Although the unions, including two with national contracts — the International Union of Electronic Workers and the progressive UEW — now work relatively well together, the Balkanized representation system further weakens labor negotiators.

In preparation for this year’s negotiations, the GE Coordinated Bargaining Committee, which includes the 14 unions, has launched a campaign to highlight egregious GE practices and generate public support and sympathy. In one sign that they do have some power, efforts to publicize GE’s use of pension funds as an accounting profit center (because the $50 billion pension pool is overfunded by $25 billion, GE is able to claim investment gains on the pension funds as paper profits) have resulted in GE agreeing to provide expanded pension benefits.

GE workers have also taken the first steps toward dealing with the globalization of the company. In March, the International Metalworkers Federation held a meeting in Washington, D. C. to bring together GE union representatives from 20 countries. While they are certainly a long way from global bargaining with the company, they did agree to meaningful information exchanges and solidarity activities. Meanwhile, the tiny UE has done more impressive and far-reaching solidarity work than any other US union, maintaining a long-time partnership with the FAT, the organization of authentic Mexican unions.

But addressing the problem of a runaway GE will require more than international union solidarity. A far stronger and more aggressive labor movement might be able to stop plant closings and job exports through direct action and collective bargaining, or it might be able to win national legislation or even international trade rules to block GE and other companies from employing a “factory barge” strategy. For now, however, GE appears relatively free to trumpet its American heritage while betraying the US workers who built the company …

and turning its back on its new workers outside of the United States if still greater profits are to be found elsewhere. http://www. motherjones. com/politics/2000/05/general-electrics-global-assault “GE traces its beginnings to Thomas A. Edison, who established Edison Electric Light Company in 1878. In 1892, a merger of Edison General Electric Company and Thomson-Houston Electric Company created General Electric Company” http://www. ge. com/about-us/fact-sheet Awards

In 2013, GE was named in Barron’s list of the most respected companies. In 2013, GE ranked among Fortune’s listing of the world’s most admired companies and the top companies for leaders. In 2012, GE was named in Bloomberg Businessweek’s list of the world’s most innovative companies. In 2013, GE was named in Ethisphere’s list of the world’s most ethical companies. http://www. ge. com/about-us/fact-sheet POWERPOINT http://www. ge. com/sites/default/files/Innovation_Overview. pdf