The General Electric Company is an American multinational conglomerate with headquarters in Boston, Massachusetts. The company specializes in the production and sales of electrical equipment and appliances. The Company was founded in 1867 and was one of the first industrial conglomerates. Today, it employs over 350,000 people in more than 80 countries. The Company produces more than half of all of the world’s electricity. Its products include lighting, fans, and electric motors.
The company has a history of scandals and misconduct, ranging from foreign bribery to antitrust violations. In December 2018, GE agreed to settle charges of foreign bribery related to its aviation business. In January 2016, the U.S. Securities and Exchange Commission (SEC) issued a Form 10-K general electric company. The filing was made public on February 24, 2018. The SEC’s announcement was not publicly available until January 1, 2016, but GE’s stock price surged more than 10% in the following months.
In its pursuit of innovation, General Electric developed the vacuum technology that helped the development of microwaves and radar systems. During World War II, GE supplied military equipment for the United States. It introduced the J-47 jet engine, which became the best-selling jet engine in history. In addition to its innovative products, the company was a pioneer of medical imaging and laser light technology. During the years 1947 to 1977, the company discharged more than 1.3 million pounds of PCBs into the Hudson River.
The General Electric, American Multinational Conglomerate Company
The company’s debt is the company’s biggest problem. The company has struggled to reduce its debt and is now in a position where it’s difficult to increase profits and cut costs. With over 175,000 employees in more than 130 countries, General Electric continues to operate in various massive industrial segments. It is now the largest U.S. manufacturer by sales. So, how did it survive the recession? In short, the answer is “eco-friendly” in all its operations.
The company’s restructuring strategy is aimed at improving its competitiveness and profitability. Its COVID-19 scandal has also affected its share price. Despite the challenges, the company is still a great investment for long-term growth. Its diversified business model is not limited to one sector and has been successful in a variety of industries. The company has a long history of success in the United States. A number of its subsidiaries have risen from the ashes of the previous recession.
In October 2017, GE announced that it would lay off thousands of workers and close a number of its subsidiaries. During the same month, the company’s stock fell by more than three percent. However, the recent troubles at GE are not the only challenges facing the company. It is a global enterprise, which is largely dependent on the US economy. Its employees and its customers are the company’s most valuable assets. Its profits are essential for GE.
The Company is divided into three segments. The industrial segment includes products and services for power generation and government customers. The government and healthcare segments focus on products and services that improve lives. Its business includes a wide range of products and services. Its financial services segment enables the company to offer a broad spectrum of services, including health care and energy. In terms of the future, the company is preparing for its first bankruptcy in over a century.
The company’s GE division is best known for manufacturing appliances and airplane engines. In fact, the company makes more than one-third of all the planes that are sold. The company’s financial services unit is the largest in the world outside of the U.S. Its aviation division was hit the hardest by the pandemic, generating $32.9 billion in revenues in 2019 alone. As a result, GE’s business will not only survive the financial crisis, but will eventually come back as a stronger, more profitable corporation.
In 1986, GE purchased the RCA Corporation, which owned the National Broadcasting Company. It later sold the RCA consumer electronics division to Thomson SA, a state-owned French company. In 1989, GE purchased the company’s European appliance and medical technology divisions from Thomson SA. The merger created GE’s largest media company. Aside from televisions and radios, GE is also a leading supplier of industrial and transportation equipment.