General Electric
Headquarters:
3135 Easton Turnpike
Fairfield, CT 06828
Employees: 304,000
CEO: Jeffrey Immelt
Website: http://www.ge.com
Stock Symbol:
GE
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General Electric is one of the world's
largest and best known companies. It operates a broad range of
businesses from energy systems, aviation engines, financial services
to the NBC television network.
The company has four main businesses which include:
- GE Technology Infrastructure
Led by Vice Chairman John Rice, this segment includes Healthcare,
Aviation, Transportation and Enterprise Solutions. These businesses
have opportunities to leverage technology, software and engineering.
- GE Energy Infrastructure Led by Vice Chairman
John Krenicki, this segment includes Energy, Oil & Gas and
Water. These technologies already work together with large customers,
particularly in emerging markets.
- GE Capital - Led by Vice Chairman Mike Neal, this segment aggregates all the financial service businesses including Commercial Finance, GE Money, industry verticals (GECAS, Energy Financial Services), and Corporate Treasury.
- NBC Universal - Led by Jeff Zucker this includes television networks NBC, CNBC, MSNBC, SciFi Channel, USA Network, Bravo, Oxygen, Telemundo, Universal Studios, Weather Channel and theme parks.
GE operates in more than 100 countries
and employs over 300,000 people worldwide.
GE practices a philosophy known as Six
Sigma to ensure quality. It is a highly
disciplined process that helps the company focus on developing
and delivering near-perfect products and services.
In 2009, GE reported revenues of $156.8 billion, a 14% drop, and net income of $11.2 billion.
“GE’s environment has improved and we saw some encouraging signs at year-end,” GE Chairman and CEO Jeff Immelt said. “Fourth-quarter Infrastructure orders increased $3.7 billion from third quarter to $22.1 billion. Total company backlog of equipment and services increased slightly from the prior quarter to a record $175 billion. Service orders remained strong, growing 14% for the quarter. Our Healthcare business experienced solid orders growth and enters 2010 with a higher backlog than last year. Non-earning assets declined .6 billion in the quarter and Consumer delinquencies are stabilizing."
GE announced a joint venture in December with Comcast to merge NBC Universal with Comcast's cable networks which include . Comcast will hold a controlling 51% stake in the venture and GE 49%. GE will receive a $6.5 billion cash payment from Comcast.
Jeff Zucker, current CEO of NBC Universal, will be the CEO of the new venture with Comcast. Headquarters for the business will remain in NY.
History
The Company first originated with inventor
Thomas Alva Edison, who established Edison Electric Light Company
in 1878. Edison was one of the greatest inventors in history
and credited with inventing the incandescent light bulb, the
mimeograph and phonograph.
Edison patented over 1,000 inventions,
earning him the nickname "The Wizard of Menlo Park,"
since he worked from his lab in Menlo Park, NJ. Edison believed
in hard work and put in almost 20 hour days. He died in 1931.
In 1892, a merger of Edison General Electric
Company and Thomson-Houston Electric Company created General
Electric Company. That year, the company employed 10,000 people
and had $20 million in sales.
General Electric purchased RCA, which also
owned the NBC television network, in 1985 for $6.3 billion.
GE attempted to acquire Honeywell in 2001
but was blocked due to anti-trust concerns by European regulators.
GE acquired The Weather Channel cable network in 2008 and its websites for $3.5 billion from Landmark Communications.
GE is the only company listed in the Dow
Jones Industrial Index today that was also included in the original
index in 1896.
Benefits
GE has locations around the world. It operates
a famed executive training facility in Crotonville, NY and research
and development center in Niskayuna, NY.
Benefits can vary by location and division.
GE offers workers health and dental insurance, life insurance
and personal accident coverage. Vision care is also covered.
GE offers an employee savings plan where
workers can contribute 1 to 17% of pay. The company adds 50 cents
per dollar contributed up to the first 7%. This amount vests
immediately.
GE's pension plan vests after 5 years service.
Employees contribute 3% of annual pay over $37,500.
Most employees receive 11 paid holidays
per year. Vacation time varies with length of service.
Employees get substantial discounts on
GE products, including refrigerators, washers and dryers and
air conditioners. They can buy GE products through the GE Appliance
Store where they can purchase products directly and save on average
20% off typical retail prices.
GE Jobs
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