General Electric has a long history, involving numerous mergers, acquisitions, and divestitures.
1876-1950
edit| Date | Event |
|---|---|
| 1876 | Thomas Edison opens a new laboratory in Menlo Park, New Jersey, USA |
| 1882 | Thomson-Houston Electric Company formed by Elihu Thomson and Edwin Houston,[1][2] later moving from New Britain, Connecticut, to Lynn, Massachusetts, in 1883.[3] |
| 1890 | Four companies (Edison Lamp Company, Edison Machine Works, and Bergmann & Company with the patent-holding company, Edison Electric Light Company) in various Tri-state area locations holding Edison's various interests merge as Edison General Electric Company |
| 1890 | Edison General Electric Company acquires the Sprague Electric Railway and Motor Company. |
| 1893 | Edison sells his shares in General Electric[4] |
- GE timeline
| Date | Event |
|---|---|
| 1892 | Edison General Electric and Thomson-Houston merge to become The General Electric Company, with Charles A. Coffin as first president, with headquarters in Schenectady, New York (later moved to New York City). |
| 1893 | Compagnie Française Thomson-Houston, a sister company to General Electric which would become Thomson SA, formed in Paris |
| 1894 | British Thomson-Houston, a subsidiary, formed in Rugby, Warwickshire, England |
| 1896 | General Electric made a component of the Dow Jones Industrial Average |
| 1905 | The Electric Bond and Share Co., the forerunner of GE Commercial Finance is formed, with the goal of providing financing to small utility companies[5] |
| 1911 | National Electric Lamp Association (NELA) is absorbed into General Electric's existing lighting business and GE establishes its lighting division headquarters at Nela Park, the world's first industrial park, in East Cleveland, Ohio |
| 1912 | General Electric begins using phenolic resins to mold plastic parts[5] |
| 1913 | Charles A. Coffin becomes the first Chairman of General Electric |
| 1913 | Edwin Rice becomes President, replacing Charles A. Coffin |
| 1917 | General Electric acquires synchronous electric clock manufacturer Telechron |
| 1918 | Trumbull Electric Company, headquartered in Plainville, Connecticut, is acquired. Trumbull Electric Manufactory Co. produced electrical supply parts including porcelain fixtures, switchboards and panels.[6] |
| 1919 | Radio Corporation of America (RCA) formed by General Electric and American Telephone & Telegraph |
| 1922 | Owen Young becomes chairman, replacing Charles A. Coffin |
| 1930 | General Electric creates its Plastics Department to research and produce advanced plastics[5] |
| 1932 | GE Credit Corporation, which evolves into GE Consumer Finance, is founded to allow families to purchase General Electric appliances on credit[5] |
| 1935 | General Electric markets the first electric garbage disposal, the Disposall[5] (disputed by InSinkErator) |
| 1940 | Philip D. Reed replaces Owen Young as Chairman |
| 1942 | Owen Young returns as chairman, replacing Philip D. Reed |
| 1942 | General Electric develops the first American jet engine |
| 1945 | Philip D. Reed becomes chairman, replacing Owen Young |
| 1945 | General Electric acquires Ken-Rad Tube Manufacturing Corporation, headquartered in Owensboro, Kentucky, and designates the Ken-Rad's plants located in Owensboro and Bowling Green, Kentucky, Tell City and Huntingburg, Indiana, as its primary vacuum tube manufacturing facilities[7] |
| 1949 | GE Armament Division test-fires the M61 Vulcan rotary cannon |
1950-2000
edit| Date | Event |
|---|---|
| 1953 | Lexan accidentally developed by a GE Plastics scientist while searching for a new wire coating[5] |
| 1955 | GE Research Laboratory announces the ability to create the first artificial diamonds, primarily for industrial use[5] |
| 1958 | Ralph J. Cordiner becomes Chairman & CEO, replacing Philip D. Reed |
| 1962 | General Electric scientist Robert N. Hall invents the solid state laser[5] |
| 1963 | Gerald L. Phillippe becomes chairman, replacing Ralph J. Cordiner |
| 1964 | General Electric sponsors Carousel of Progress at the 1964 New York World's Fair and continues sponsorship after it is moved to Disneyland from 1967 to 1973, then to Magic Kingdom (1975–1985) |
| 1967 | Fred J. Borch becomes Chairman & CEO, replacing Gerald L. Phillippe |
| 1970 | Computer systems division sold to Honeywell |
| 1971 | CFM International is formed with partner SNECMA for the purpose of producing medium-sized civil turbofan[5] |
| 1972 | Reginald Jones becomes chairman and CEO, replacing Fred J. Borch |
| 1974 | GE moves its headquarters to Fairfield, Connecticut, from New York City. |
| 1981 | Jack Welch whose management style would leave a lasting effect upon General Electric and corporate America, replaces Reginald Jones as CEO |
| 1982 | CFM International's CFM56 is introduced; The CFM56 would go on to dominate the engine market for short haul airliner[5] |
| 1983 | General Electric begins sponsoring Horizons at EPCOT Center which ends in 1993 |
| 1984 | GE spins off its commercial computer graphics products and services Genigraphics Operation to the Genigraphics Corporation |
| 1984 | GE acquires Employers Reinsurance Corporation for $1 billion[8] |
| 1985 | GEnie, one of the pioneering online services, was developed using extra processor cycles on General Electric Information Services mainframes |
| 1986 | General Electric re-acquires RCA, primarily for the NBC television network and sells the remaining components to Thomson—along with General Electric's consumer electronics division— and Bertelsmann. GE also acquired Kidder-Peabody as part of GE Capital.[9] The company starts sponsoring The McLaughlin Group, which lasted 16 years.[10][11] |
| 1987 | GE closed down air conditioner plant in Appliance Park in Louisville, Kentucky and sold their room air conditioner and rotary compressor plant in Columbia, Tennessee, to Fedders. GE also sold the residential and commercial air conditioner plant in Tyler, Texas to Trane. |
| 1988 | General Electric begins sponsorship of IllumiNations, a series of fireworks displays, at EPCOT Center which continues until 1998 |
| 1989 | The Consumer News and Business Channel, or CNBC, is formed to provide business news to cable television subscribers[5] |
| 1992 | GE Power controls acquires the company Agut S.A in Spain.[12] |
| 1993 | GE Aerospace Division sold to Martin Marietta, now Lockheed Martin |
| 1996 | MSNBC is formed with partner Microsoft, to compete with the Cable News Network[5] |
| 1996 | GEnie is sold to Yovelle, now part of IDT Corp. |
| 1996 | General Electric sponsors the Main Street Electrical Parade for the farewell season at Disneyland |
| 1999 | Harkening back to the Easy-Bake Oven, General Electric introduces the Advantium oven, which uses halogen lights to cook food[5] |
| 1999 | Montgomery Ward exits Chapter 11 bankruptcy protection, and becomes a subsidiary of GE Capital, a major creditor |
2000 and beyond
edit| Date | Event |
|---|---|
| 2000 | Montgomery Ward folded by GE Capital due to declining sales |
| 2001 | General Electric and Honeywell agree to merge, however it is blocked by European Union M&A chief Mario Monti.[13] |
| 2001 | Jeffrey Immelt becomes CEO, replacing Jack Welch |
| 2001 | NBC acquires Telemundo, one of the leading Spanish language television networks |
| 2002 | GE stops sponsoring the public television program The McLaughlin Group after 16 years.[11] |
| 2002 | The finance committee of the board is dissolved[8] |
| 2003 | GE Healthcare acquires Instrumentarium.[14] |
| 2003 | GE Capital acquires Transamerica Finance from AEGON, who retained the rest of Transamerica Corporation |
| 2004 | NBC acquires the entertainment assets of Vivendi Universal, excluding Universal Music and forms NBC Universal, of which General Electric owns 80% |
| 2004 | GE Healthcare acquires Amersham plc |
| 2004 | GE Capital acquires Dillard's credit card unit for US$1.25 billion |
| 2004 | GE sells 60% stake in GE Capital International Services (GECIS) to private equity companies, Oak Hill Capital Partners and General Atlantic, for $500 million |
| 2004 | Genworth Financial formed from General Electric's life and mortgage insurance assets |
| 2004 | GE Security acquires InVision Technologies, a leading manufacturer of airport security equipment.[15] On July 1, 2009, the European Union approves the sale of 81 percent of GE's airport security and biometrics division to French company Safran.[16] |
| 2005 | GE Commercial Finance acquires the financial assets of Bombardier, a Canadian aircraft manufacturer for US$1.4 billion[17] |
| 2006 | GE Healthcare acquires IDX Systems, a medical software firm, for US$1.2 billion |
| 2006 | GE Advanced Materials division is sold to Apollo Management for US$3.8 billion |
| 2006 | GE Water & Process Technologies acquires Zenon Environmental Systems for $758 million |
| 2006 | GE Money buys Superbank's $500 million lending portfolio[18] |
| 2007 | GE Consumer & Industrial acquires Microwave Data Systems for US$600 million |
| 2007 | GE-Aviation acquires Smiths Aerospace for £2.4 billion |
| 2007 | GE Oil & Gas acquires Vetco Gray for US$1.9 billion.[19][20] |
| 2007 | GE Plastics is sold to SABIC for US$11.6 billion.[21] |
| 2008 | GE Oil & Gas acquires Hydril Pressure & Control for US$1.12 billion from Tenaris, who retains possession of Hydril Premium Connections.[22][23] |
| 2008 | GE Co. acquires Vital Signs Inc. for US$860 million[24] |
| 2009 | GE buys Vivendi's stake in NBC Universal and sell a controlling interest of the company to Comcast, with GE retaining a 49 percent interest in the joint venture[25] |
| 2009 | GE acquires Norway-based turbine manufacturer ScanWind.[26] |
| 2010 | GE enters negotiations with Comcast Corporation to sell the NBC Universal unit; Clearance by the FCC and US Attorney General are required |
| 2011 | GE completes sale of NBC Universal with Comcast. GE still owns 49% of The Venture |
| 2013 | GE sells the remaining part of NBC Universal to Comcast. |
| 2013 | GE sells Vital Signs division Carefusion for 500M USD. |
| 2014 | GE agreed to sell their appliance business to Electrolux[27] but the deal was not completed.[28] |
| 2015 | Due to antitrust issues, GE cancels the appliance business deal with Electrolux after strong oppositions from antitrust regulators [29] |
| 2015 | GE completes Alstom Power acquisition. |
| 2016 | GE agreed to sell its appliance business to Qingdao Haier for $5.4 billion including the 48.4% of shares it held in Mabe, a Mexican appliance maker [30] |
| 2016 | GE acquires ShipExpress [31] |
| 2016 | General Electric moved their global headquarters from Fairfield, Connecticut, to the South Boston Waterfront in August 2016.[32] |
| 2016 | GE Digital acquires ServiceMax [33] |
| 2017 | GE acquires Baker Hughes and merges it with GE Oil and Gas to form Baker Hughes a GE Company.[34] |
| 2018 | S&P Dow Jones Indices announces that another company will replace General Electric Co. (NYSE:GE) in the Dow Jones Industrial Average (DJIA) effective prior to the open of trading on June 26.[35] |
| 2019 | GE sells GE Transportation to Wabtec and terminates ownership of former said company after 112 years of ownership. |
| 2021 | GE announces split of company into three separate concerns—GE HealthCare, GE Vernova, and GE Aerospace—with the healthcare and energy (Vernova) divisions being spun off and the company pivoting to aviation by rebranding as GE Aerospace.[36][37] |
| 2023 | GE completes spin-off of GE HealthCare[37] |
| 2024 | GE completes spin-off of GE Vernova. The company is now known as GE Aerospace and ceases to exist as a conglomerate, the General Electric Company name retired after 130 years.[36][37] |
References
edit- ^ Gifford, Jonathan (September 15, 2013). 100 Great Business Leaders: Of the world's most admired companies. Marshall Cavendish International Asia Pte Ltd. pp. 34–35. ISBN 9789814484688.
- ^ "Elihu Thomson Papers, 1853-1955". Smithsonian Institution. July 23, 2014. Retrieved October 19, 2019.
in 1882, founded one of the early electrical corporations in the United States, the Thomson-Houston Company
- ^ "Elihu Thomson Papers". Retrieved October 19, 2019.
...formed the Thomson-Houston Company in 1882. In 1883, the Thomson-Houston works moved to Lynn, Massachusetts...
Elihu Thomson Papers at the American Philosophical Society - ^ Levenson, Michael (May 28, 2020). "G.E., Which Traces Its Roots to Thomas Edison, Sells Its Lighting Business". New York Times. Retrieved December 3, 2023.
- ^ a b c d e f g h i j k l m General Electric official history
- ^ Trumbull Electric Manufacturing Company, Woodford Avenue, Plainville. :: Connecticut History Online[usurped]
- ^ Hugh O. Potter's History of Owensboro and Daviess County, Kentucky, pp. 126, published 1974, Herff Jones-Paragon Publishing, Montgomery, Alabama and Louisville, Kentucky
- ^ a b Gryta, Thomas; Mann, Ted (2021). Lights out: pride, delusion, and the fall of General Electric. Boston New York: Mariner Books, Houghton Mifflin Harcourt. pp. 63, 69. ISBN 978-0-358-25041-8.
- ^ Behr, Peter (April 25, 1986). "GE to Acquire Control Of Broker Kidder, Peabody". Washington Post. ISSN 0190-8286. Retrieved September 12, 2023.
- ^ "GE renewal" (PDF). Broadcasting. September 22, 1986. p. 82. Retrieved September 18, 2023.
- ^ a b McClellanpublished, Steve (June 28, 2004). "Changing of the Guard". Broadcasting Cable. Retrieved September 18, 2023.
- ^ "General Electric cierra en el Bages". Expansion. March 16, 2014. Retrieved November 24, 2023.
- ^ "EU kills GE-Honeywell". CNN Money. July 3, 2001. Retrieved September 9, 2014.
- ^ "General Electric and Instrumentarium Enter Into Combination Agreement — GE Offers EUR 2 Billion to Acquire Instrumentarium". PRNewswire. Retrieved September 9, 2014.
- ^ "GENERAL ELECTRIC AGREES TO ACQUIRE INVISIO N" (PDF). GE. March 15, 2004. Retrieved September 9, 2014.
- ^ Reuters (July 2, 2009)
- ^ "Bombardier Sells Finance Unit to General Electric for $1.4 Bln." Gunsalus, J. Bloomberg.
- ^ "GE Money buys out Superbank - Business News". The New Zealand Herald. August 4, 2006. Retrieved December 3, 2023.
- ^ "General Electric to acquire Vetco Gray for $1.9 billion". ReliablePlant.com. January 8, 2007. Archived from the original on July 6, 2014. Retrieved June 11, 2014.
- ^ "GE Oil & Gas buys Vetco Gray". E&P Magazine. January 8, 2007. Archived from the original on May 28, 2014. Retrieved June 11, 2014.
- ^ "GE to sell plastics unit to Sabic for $11.6 billion". MarketWatch. May 21, 2007. Retrieved September 9, 2014.
- ^ Saitto, Serena; Kingsbury, Kevin (January 28, 2008). "From Tenaris". MarketWatch.com — The Wall Street Journal. Retrieved June 11, 2014.
- ^ "GE Oil & Gas Buys Hydril Pressure Control". January 29, 2008. Archived from the original on July 9, 2014. Retrieved June 11, 2014.
- ^ "Vital Signs to be acquired for $860 million". Chicago Tribune. July 25, 2008. Retrieved July 25, 2008.
- ^ "GE, Comcast announce NBC Universal joint venture deal" David Goldman and Julianne Pepitone, CNNMoney.com (December 3, 2009)
- ^ GE Grabs Gearless Wind Turbines
- ^ "GE unloads appliance division to Sweden's Electrolux". USA Today. September 8, 2014. Retrieved January 28, 2023.
- ^ "Acquisition of GE Appliances not to be completed" (Press release). Stockholm, Sweden: AB Electrolux. December 7, 2015. Retrieved January 28, 2023.
- ^ "GE calls off Electrolux appliance deal amid U.S. antitrust fight". Reuters. December 7, 2015. Retrieved January 16, 2016.
- ^ "G.E. to Sell Appliance Division to Haier for $5.4 Billion". The New York Times. January 15, 2016. Retrieved January 16, 2016.
- ^ "G.E. to Sell Appliance Division to Haier for $5.4 Billion". The New York Times. January 15, 2016. Retrieved January 16, 2016.
- ^ Chesto, Jon (January 30, 2017). "GE adds to the size of its future South Boston campus". Boston Globe. Retrieved January 31, 2017.
- ^ "GE Digital Acquires ServiceMax to Extend Predix and Analytics Across Field Service Processes". ServiceMax. November 14, 2016. Retrieved November 15, 2016.
- ^ "GE, Baker Hughes complete merger". July 3, 2017.
- ^ press release (June 19, 2018, pdf)
- ^ a b Chesto, Jon (April 1, 2024). "GE's long life as giant industrial conglomerate enters new era, as company splits up on Tuesday". The Boston Globe. Archived from the original on April 1, 2024.
- ^ a b c Mazein, Elodie (April 1, 2024). "Swan song for General Electric as it completes demerger". AFP. Archived from the original on April 2, 2024 – via Yahoo! News.
The official finalization of the separation comes Tuesday, with General Electric disappearing in favor of GE Vernova, dealing with energy activities, and GE Aerospace, the new name of the late GE.