General Electric
Headquarters: 3135 Easton Turnpike
Fairfield, CT 06828
Employees: 287,000
CEO: Jeffrey Immelt
Website: http://www.ge.com
Stock Symbol: GE
Company News
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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:
Energy
Energy Services
Oil & Gas
Power & Water
Technology Infrastructure
Aviation
Healthcare
Transportation
GE Capital
Americas
Asia Pacific
Aviation Financial Services
Consumer Finance
Europe, Middle East & Africa
Energy Financial Services
Real Estate
Home & Business Solutions
Appliances & Lighting
Intelligent Platforms
GE operates in more than 100 countries and employs nearly 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.
GE spun off NBC Universal from the company in a merger with Comcast's cable TV networks in 2011. In February, Comcast announced it would buy the remaining 49% stake in NBCUniversal held by GE for $16.7 billion.
NBCUniversal also plans to purchase from GE the properties used by NBCUniversal at 30 Rockefeller Plaza and CNBC's headquarters in Englewood Cliffs, NJ for approximately $1.4 billion.
In 2012, GE reported revenues of $147.4 billion, almost the same as last year. Net income was $13.6 billion.
"We ended the year with a strong quarter despite the mixed global economic environment," said GE Chairman and CEO Jeff Immelt. "The outlook for developed markets remains uncertain, but we are seeing growth in China and the resource rich countries. With our largest backlog in history and a substantial amount of cash generated by our businesses in the fourth quarter, we have great momentum going into 2013."
GE is one of the top employers of engineers in the U.S. with over 19,000.
In 2012, the Company's long-term investment in research & development led to the launch of new products like GE's new power plant technology, FlexEfficiency 60, with turbines based on a design originally developed for supersonic jet engines.
Also in 2012, GE Transportation introduced a prototype locomotive, the Tier 4 Evolution Series, which will be the most fuel-efficient freight locomotive in its history, with a new combustion system to meet strict U.S. emission standards. In Industrial Internet applications, the Company announced nine new industrial service technologies for industries including energy, healthcare, aviation, rail and manufacturing.
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.
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