General Electric - Wikipedia

General Electric Company (GE) is an American multinational conglomerate incorporated in New York State and headquartered in Boston. Until 2021, the company ... GeneralElectric FromWikipedia,thefreeencyclopedia Jumptonavigation Jumptosearch Americanmultinationalconglomerate "GE"redirectshere.Forotheruses,seeGE(disambiguation). NottobeconfusedwiththeformerBritishGeneralElectricCompany(GEC). GeneralElectricCompanyTypePublicTradedasNYSE: GES&P100componentS&P500componentISINUS3696041033IndustryConglomerateFoundedApril 15,1892;129yearsago (1892-04-15)inSchenectady,NewYork,USFounderThomasEdisonHeadquartersBoston,Massachusetts,USAreaservedWorldwideKeypeopleH.LawrenceCulpJr.(Chairman&CEO)ProductsAircraftenginesElectricaldistributionElectricmotorsEnergyFinanceHealthcareSoftwareWindturbinesRevenueUS$79.619billion[1](2020)OperatingincomeUS$5.197billion(2020)NetincomeUS$5.230billion(2020)TotalassetsUS$255.500billion(2020)TotalequityUS$35.552billion(2020)Numberofemployees205,000(2020)SubsidiariesGEAdditiveGEAviationGECapitalGEDigitalGEHealthcareGEPowerGERenewableEnergyGEResearchWebsitewww.ge.comFootnotes /references[2] GeneralElectricCompany(GE)isanAmericanmultinationalconglomerateincorporatedinNewYorkStateandheadquarteredinBoston.Until2021,thecompanyoperatedinsectorsincludingaviation,power,renewableenergy,digitalindustry,weaponsmanufacturing,locomotives,andventurecapitalandfinance,[3][4]buthassincedivestedfromseveralareas,nowprimarilyconsistingofthefirstfoursegments.[5] In2020,GErankedamongtheFortune500asthe33rdlargestfirmintheUnitedStatesbygrossrevenue.[6]In2011,GErankedamongtheFortune20asthe14thmostprofitablecompany,butlaterveryseverelyunderperformedthemarket(byabout75%)asitsprofitabilitycollapsed.[7][8][9]TwoemployeesofGE—IrvingLangmuir(1932)andIvarGiaever(1973)—havebeenawardedtheNobelPrize.[10] OnNovember9,2021,thecompanyannounceditwoulddivideintothreepubliccompanies.Thenewcompanieswillbefocusedonaviation,healthcare,andenergy(renewableenergy,poweranddigital)respectively.Thefirstspinoffofthehealthcaredivisionisplannedfor2023andtobefollowedbythespinoffoftheenergydivisionin2024.[11][12] Contents 1History 1.1Formation 1.2Publiccompany 1.3RCAandNBC 1.4Television 1.5Powergeneration 1.6Computing 1.7Acquisitionsanddivestments 1.8FraudallegationsandnoticeofpossibleSECcivilaction 1.8.1Insufficientreservesforlong-termcarepolicies 1.8.2Anticipated$8billionlossupondispositionofBakerHughes 1.8.3Other 2Financialperformance 2.1Dividends 3Stock 4Bribery 5Corporateaffairs 5.1CEO 5.2Corporaterecognitionandrankings 6Businesses 6.1Formerdivisions 7Environmentalrecord 7.1Carbonfootprint 7.2Pollution 7.2.1PollutionoftheHudsonRiver 7.2.2PollutionoftheHousatonicRiver 7.3Environmentalinitiatives 8Educationalinitiatives 9Marketinginitiatives 10Politicalaffiliation 11Notableappearancesinmedia 12Seealso 13References 14Furtherreading 15Externallinks History[edit] Furtherinformation:GeneralElectrictimeline Formation[edit] GeneralElectricinSchenectady,NewYork,aerialview,1896 PlanofSchenectadyplant,1896[13] GeneralElectricBuildingat570LexingtonAvenue,NewYork During1889,ThomasEdisonhadbusinessinterestsinmanyelectricity-relatedcompanies,includingEdisonLampCompany,alampmanufacturerinEastNewark,NewJersey;EdisonMachineWorks,amanufacturerofdynamosandlargeelectricmotorsinSchenectady,NewYork;Bergmann&Company,amanufacturerofelectriclightingfixtures,sockets,andotherelectriclightingdevices;andEdisonElectricLightCompany,thepatent-holdingcompanyandthefinancialarmbackedbyJ.P.MorganandtheVanderbiltfamilyforEdison'slightingexperiments.[14] In1889,Drexel,Morgan&Co.,acompanyfoundedbyJ.P.MorganandAnthonyJ.Drexel,financedEdison'sresearchandhelpedmergethosecompaniesunderonecorporationtoformEdisonGeneralElectricCompany,whichwasincorporatedinNewYorkonApril24,1889.ThenewcompanyalsoacquiredSpragueElectricRailway&MotorCompanyinthesameyear.[15][16]TheconsolidationdidnotinvolveallofthecompaniesestablishedbyEdison;notably,theEdisonIlluminatingCompany,whichwouldlaterbecomeConsolidatedEdison,wasnotpartofthemerger. In1880,GeraldWaldoHartformedtheAmericanElectricCompanyofNewBritain,Connecticut,whichmergedafewyearslaterwithThomson-HoustonElectricCompany,ledbyCharlesCoffin.In1887,HartlefttobecomesuperintendentoftheEdisonElectricCompanyofKansasCity,Missouri.[17]GeneralElectricwasformedthroughthe1892mergerofEdisonGeneralElectricCompanyofSchenectady,NewYork,andThomson-HoustonElectricCompanyofLynn,Massachusetts,withthesupportofDrexel,Morgan&Co.[16]BothplantscontinuetooperateundertheGEbannertothisday.[18]ThecompanywasincorporatedinNewYork,withtheSchenectadyplantusedasheadquartersformanyyearsthereafter.Aroundthesametime,GeneralElectric'sCanadiancounterpart,CanadianGeneralElectric,wasformed.[19] In1893,GeneralElectricboughtthebusinessofRudolfEickemeyerinYonkers,NewYork,alongwithallofitspatentsanddesigns.OneoftheemployeeswasCharlesProteusSteinmetz.OnlyrecentlyarrivedintheUnitedStates,Steinmetzwasalreadypublishinginthefieldofmagnetichysteresisandhadearnedworldwideprofessionalrecognition.[20]LedbySteinmetz,Eickemeyer'sfirmhaddevelopedtransformersforuseinthetransmissionofelectricalpoweramongmanyothermechanicalandelectricaldevices.SteinmetzquicklybecameknownastheengineeringwizardinGE'sengineeringcommunity.[20] Publiccompany[edit] In1896,GeneralElectricwasoneoftheoriginal12companieslistedonthenewlyformedDowJonesIndustrialAverage,[21]whereitremainedapartoftheindexfor122years,thoughnotcontinuously.[22] CarmenMirandaina1945advertisementforaGeneralElectricFMradioinTheSaturdayEveningPost In1911,GeneralElectricabsorbedtheNationalElectricLampAssociation(NELA)intoitslightingbusiness.GEestablisheditslightingdivisionheadquartersatNelaParkinEastCleveland,Ohio.Thelightingdivisionhassinceremainedinthesamelocation.[23] RCAandNBC[edit] OwenD.Young,throughGE,foundedtheRadioCorporationofAmerica(RCA)in1919,afterpurchasingtheMarconiWirelessTelegraphCompanyofAmerica.Heaimedtoexpandinternationalradiocommunications.GEusedRCAasitsretailarmforradiosales.[24]In1926,RCAco-foundedtheNationalBroadcastingCompany(NBC),whichbuilttworadiobroadcastingnetworks.In1930,GeneralElectricwaschargedwithantitrustviolationsandwasorderedtodivestitselfofRCA.[25] Television[edit] In1927,ErnstAlexandersonofGEmadethefirstdemonstrationoftelevisionbroadcastreceptionathisGeneralElectricRealtyPlothomeat1132AdamsRd,Schenectady,NewYork.[26][27]OnJanuary13,1928,hemadewhatwassaidtobethefirstbroadcasttothepublicintheUnitedStates[26]onGE'sW2XAD:thepictureswerepickedupon1.5squareinch(9.7squarecentimeter)screensinthehomesoffourGEexecutives.ThesoundwasbroadcastonGE'sWGY(AM).[citationneeded] ExperimentaltelevisionstationW2XADevolvedintothestationWRGBwhich,alongwithWGYandWGFM(nowWRVE),wasownedandoperatedbyGeneralElectricuntil1983.[28]ThecompanyalsoownedtelevisionstationssuchasKOA-TV(nowKCNC-TV)inDenver[29]andWSIX-TV(laterWNGE-TV,nowWKRN)inNashville,[30]butlikeWRGB,GeneralElectricsoldoffmostofitsbroadcastingholdings,butheldontotheDenvertelevisionstation[31]untilin1986,whenGeneralElectricboughtoutRCAandmadeitintoanowned-and-operatedstationbyNBC.Itevenstayedonuntil1995whenitwastransferredtoajointventurebetweenCBSandGroupWinaswapdeal,alongsideKUTVinSaltLakeCityforlongtimeCBSO&OinPhiladelphia,WCAU-TV.[32] Powergeneration[edit] Mainarticle:GEEnergy Seealso:GEWindEnergy LedbySanfordAlexanderMoss,GEmovedintothenewfieldofaircraftturbosuperchargers.[citationneeded]Thistechnologyalsoledtothedevelopmentofindustrialgasturbineenginesusedforpowerproduction.[33]GEintroducedthefirstsetofsuperchargersduringWorldWarI,andcontinuedtodevelopthemduringtheinterwarperiod.SuperchargersbecameindispensableintheyearsimmediatelypriortoWorldWarII.GEsupplied300,000turbosuperchargersforuseinfighterandbomberengines.ThisworkledtheU.S.ArmyAirCorpstoselectGEtodevelopthenation'sfirstjetengineduringthewar.[34]Thisexperience,inturn,madeGEanaturalselectiontodeveloptheWhittleW.1jetenginethatwasdemonstratedintheUnitedStatesin1941.[35]GEwasrankedninthamongUnitedStatescorporationsinthevalueofwartimeproductioncontracts.[36]Although,theirearlyworkwithWhittle'sdesignswaslaterhandedtoAllisonEngineCompany.GEAviationthenemergedasoneoftheworld'slargestenginemanufacturers,bypassingtheBritishcompany,Rolls-Royceplc. SomeconsumersboycottedGElightbulbs,refrigeratorsandotherproductsduringthe1980sand1990s.ThepurposeoftheboycottwastoprotestagainstGE'sroleinnuclearweaponsproduction.[37] In2002,GEacquiredthewindpowerassetsofEnronduringitsbankruptcyproceedings.[38]EnronWindwastheonlysurvivingU.S.manufactureroflargewindturbinesatthetime,andGEincreasedengineeringandsuppliesfortheWindDivisionanddoubledtheannualsalesto$1.2 billionin2003.[39]ItacquiredScanWindin2009.[40][41] In2018,GEPowergarneredpressattentionwhenamodel7HAgasturbineinTexaswasshutdownfortwomonthsduetothebreakofaturbineblade.[42]ThismodelusessimilarbladetechnologytoGE'snewestandmostefficientmodel,the9HA.Afterthebreak,GEdevelopednewprotectivecoatingsandheattreatmentmethods.GasturbinesrepresentasignificantportionofGEPower'srevenue,andalsorepresentasignificantportionofthepowergenerationfleetofseveralutilitycompaniesintheUnitedStates.ChubuElectricofJapanandÉlectricitédeFrancealsohadunitsthatwereimpacted.Initially,GEdidnotrealizetheturbinebladeissueofthe9FBunitwouldimpactthenewHAunits.[43] Computing[edit] Thissectionneedsadditionalcitationsforverification.Pleasehelpimprovethisarticlebyaddingcitationstoreliablesources.Unsourcedmaterialmaybechallengedandremoved.(January2017)(Learnhowandwhentoremovethistemplatemessage) GEwasoneoftheeightmajorcomputercompaniesofthe1960salongwithIBM,Burroughs,NCR,ControlDataCorporation,Honeywell,RCA,andUNIVAC.[44]GEhadalineofgeneralpurposeandspecialpurposecomputers,includingtheGE200,GE400,andGE600seriesgeneralpurposecomputers,[44]theGE4010,GE4020,andGE4060real-timeprocesscontrolcomputers,andtheDATANET-30andDatanet355messageswitchingcomputers(DATANET-30and355werealsousedasfrontendprocessorsforGEmainframecomputers).ADatanet500computerwasdesigned,butneversold.[45] In1962,GEstarteddevelopingitsGECOS(laterrenamedGCOS)operatingsystem,originallyforbatchprocessing,butlaterextendedtotimesharingandtransactionprocessing.VersionsofGCOSarestillinusetoday.From1964to1969,GEandBellLaboratories(whichsoondroppedout)joinedwithMITtodeveloptheMulticsoperatingsystemontheGE645mainframecomputer.Theprojecttooklongerthanexpectedandwasnotamajorcommercialsuccess,butitdemonstratedconceptssuchassingle-levelstorage,dynamiclinking,hierarchicalfilesystem,andring-orientedsecurity.ActivedevelopmentofMulticscontinueduntil1985. GEgotintocomputermanufacturingbecauseinthe1950stheywerethelargestuserofcomputersoutsidetheUnitedStatesfederalgovernment,[44]asidefrombeingthefirstbusinessintheworldtoownacomputer.Itsmajorappliancemanufacturingplant"AppliancePark"wasthefirstnon-governmentalsitetohostone.[46]However,in1970,GEsolditscomputerdivisiontoHoneywell,exitingthecomputermanufacturingindustry,[44]thoughitretaineditstimesharingoperationsforsomeyearsafterwards.GEwasamajorproviderofcomputertime-sharingservices,throughGeneralElectricInformationServices(GEIS,nowGXS),offeringonlinecomputingservicesthatincludedGEnie. In2000,whenUnitedTechnologiesCorp.plannedtobuyHoneywell,GEmadeacounter-offerthatwasapprovedbyHoneywell.[47]OnJuly3,2001,theEuropeanUnionissuedastatementthat"prohibittheproposedacquisitionbyGeneralElectricCo.ofHoneywellInc.".[48]Thereasonsgivenwereit"wouldcreateorstrengthendominantpositionsonseveralmarketsandthattheremediesproposedbyGEwereinsufficienttoresolvethecompetitionconcernsresultingfromtheproposedacquisitionofHoneywell".[48] OnJune27,2014,GEpartneredwithcollaborativedesigncompanyQuirkytoannounceitsconnectedLEDbulbcalledLink.TheLinkbulbisdesignedtocommunicatewithsmartphonesandtabletsusingamobileappcalledWink.[49] GEGlobalOperationsCenterinDowntownCincinnati,Ohio Acquisitionsanddivestments[edit] Seealso:GeneralElectrictimeline InDecember1985,GEreacquiredRCA,primarilyfortheNBCtelevisionnetwork(alsoparentofTelemundoCommunicationsGroup)for$6.28 billion;thismergersurpassedtheCapitalCities/ABCmergerthathappenedearlierthatyearasthelargestnon-oilmergerinworldbusinesshistory.[50]Theremainderwassoldtovariouscompanies,includingBertelsmann(BertelsmannacquiredRCARecords)andThomsonSA,whichtracesitsrootstoThomson-Houston,oneoftheoriginalcomponentsofGE.[citationneeded]Alsoin1986,Kidder,Peabody&Co.,aU.S.-basedsecuritiesfirm,wassoldtoGEandfollowingheavylosseswassoldtoPaineWebberin1994.[51] In2002,FranciscoPartnersandNorwestVenturePartnersacquiredadivisionofGEcalledGEInformationSystems(GEIS).Thenewcompany,namedGXS,isbasedinGaithersburg,Maryland.GXSisaproviderofB2Be-Commercesolutions.[buzzword]GEmaintainsaminoritystakeinGXS.[52]Alsoin2002,GEWindEnergywasformedwhenGEboughtthewindturbinemanufacturingassetsofEnronWindaftertheEnronscandals.[38][39][53] In2004,GEbought80%ofVivendiUniversalEntertainment,theparentofUniversalPicturesfromVivendi.Vivendibought20%ofNBCformingthecompanyNBCUniversal.GEthenowned80%ofNBCUniversalandVivendiowned20%.In2004,GEcompletedthespin-offofmostofitsmortgageandlifeinsuranceassetsintoanindependentcompany,GenworthFinancial,basedinRichmond,Virginia.[54] GenpactformerlyknownasGECapitalInternationalServices(GECIS)wasestablishedbyGEinlate1997asitscaptiveIndia-basedBPO.GEsold60%stakeinGenpacttoGeneralAtlanticandOakHillCapitalPartnersin2005andhivedoffGenpactintoanindependentbusiness.GEisstillamajorclienttoGenpacttoday,forservicesincustomerservice,finance,informationtechnology,andanalytics.[citationneeded] InMay2007,GEacquiredSmithsAerospacefor$4.8 billion.[55]Alsoin2007,GEOil&GasacquiredVetcoGrayfor$1.9 billion,[56][57]followedbytheacquisitionofHydrilPressure&Controlin2008for$1.1 billion.[58][59] GEPlasticswassoldin2008toSABIC(SaudiArabiaBasicIndustriesCorporation).InMay2008,GEannounceditwasexploringoptionsfordivestingthebulkofitsconsumerandindustrialbusiness.[60][61] OnDecember3,2009,itwasannouncedthatNBCUniversalwouldbecomeajointventurebetweenGEandcabletelevisionoperatorComcast.Comcastwouldholdacontrollinginterestinthecompany,whileGEwouldretaina49%stakeandwouldbuyoutsharesownedbyVivendi.[62] Vivendiwouldsellits20%stakeinNBCUniversaltoGEforUS$5.8 billion.Vivendiwouldsell7.66%ofNBCUniversaltoGEforUS$2 billioniftheGE/ComcastdealwasnotcompletedbySeptember2010andthenselltheremaining12.34%stakeofNBCUniversaltoGEforUS$3.8 billionwhenthedealwascompletedortothepublicviaanIPOifthedealwasnotcompleted.[63][64] OnMarch1,2010,GEannouncedplanstosellits20.85%stakeinTurkey-basedGarantiBank.[65]InAugust2010,GEHealthcaresignedastrategicpartnershiptobringcardiovascularComputedTomography(CT)technologyfromstart-upArinetaLtd.ofIsraeltothehospitalmarket.[66]InOctober2010,GEacquiredgasenginesmanufactureDresserIndustriesina$3 billiondealandalsoboughta$1.6 billionportfolioofretailcreditcardsfromCitigroupInc.[67][68]OnOctober14,2010,GEannouncedtheacquisitionofdatamigration&SCADAsimulationspecialistsOpalSoftware.[69]InDecember2010,forthesecondtimethatyear(aftertheDresseracquisition),GEboughttheoilsectorcompanyWellstream.,anoilpipemaker,for800 millionpounds($1.3 billion).[70] InMarch2011,GEannouncedthatithadcompletedtheacquisitionofprivatelyheldLineagePowerHoldingsfromTheGoresGroup.[71]InApril2011,GEannouncedithadcompleteditspurchaseofJohnWoodplc'sWellSupportDivisionfor$2.8 billion.[72] In2011,GECapitalsoldits$2 billionMexicanassetstoSantanderfor$162 millionandexitthebusinessinMexico.SantanderadditionallyassumedtheportfoliodebtsofGECapitalinthecountry.Followingthis,GECapitalfocusedinitscorebusinessandsheditsnon-coreassets.[73] InJune2012,CEOandPresidentofGEJeffImmeltsaidthatthecompanywouldinvest₹3billiontoaccelerateitsbusinessesinKarnataka.[74]InOctober2012,GEacquired$7 billionworthofbankdepositsfromMetLifeInc.[75] OnMarch19,2013,ComcastboughtGE'ssharesinNBCUfor$16.7 billion,endingthecompany'slongtimestakeintelevisionandfilmmedia.[76] InApril2013,GEacquiredoilfieldpumpmakerLufkinIndustriesfor$2.98 billion.[77] InApril2014,itwasannouncedthatGEwasintalkstoacquiretheglobalpowerdivisionofFrenchengineeringgroupAlstomforafigureofaround$13 billion.[78]ArivaljointbidwassubmittedinJune2014bySiemensandMitsubishiHeavyIndustries(MHI)withSiemensseekingtoacquireAlstom'sgasturbinebusinessfor€3.9 billion,andMHIproposingajointventureinsteamturbines,plusa€3.1 billioncashinvestment.InJune2014aformalofferfromGEworth$17 billionwasagreedbytheAlstomboard.PartofthetransactioninvolvedtheFrenchgovernmenttakinga20%stakeinAlstomtohelpsecureFrance'senergyandtransportinterestsandFrenchjobs.ArivalofferfromSiemens-MitsubishiHeavyIndustrieswasrejected.Theacquisitionwasexpectedtobecompletedin2015.[79]InOctober2014,GEannounceditwasconsideringthesaleofitsPolishbankingbusinessBankBPH.[80] Laterin2014,GeneralElectricannouncedplanstoopenitsglobaloperationscenterinCincinnati,Ohio.[81]TheGlobalOperationsCenteropenedinOctober2016ashometoGE'smultifunctionalsharedservicesorganization.Itsupportsthecompany'sfinance/accounting,humanresources,informationtechnology,supplychain,legalandcommercialoperations,andisoneofGE'sfourmultifunctionalsharedservicescentersworldwideinPudong,China;Budapest,Hungary;andMonterrey,Mexico.[82] InApril2015,GEannounceditsintentiontoselloffitspropertyportfolio,worth$26.5 billion,toWellsFargoandTheBlackstoneGroup.[83]ItwasannouncedinApril2015thatGEwouldsellmostofitsfinanceunitandreturnaround$90 billiontoshareholdersasthefirmlookedtotrimdownonitsholdingsandriditselfofitsimageofa"hybrid"company,workinginbothbankingandmanufacturing.[84]InAugust2015,GECapitalagreedtosellitsHealthcareFinancialServicesbusinesstoCapitalOneforUS$9 billion.ThetransactioninvolvedUS$8.5 billionofloansmadetoawidearrayofsectorsincludingseniorhousing,hospitals,medicaloffices,outpatientservices,pharmaceuticalsandmedicaldevices.[85]AlsoinAugust2015,GECapitalagreedtosellGECapitalBank'son-linedepositplatformtoGoldmanSachs.Termsofthetransactionwerenotdisclosed,butthesaleincludedUS$8 billionofon-linedepositsandanotherUS$8 billionofbrokeredcertificatesofdeposit.ThesalewaspartofGE'sstrategicplantoexittheU.S.bankingsectorandtofreeitselffromtighteningbankingregulations.GEalsoaimedtosheditsstatusasa"systematicallyimportantfinancialinstitution".[86] InSeptember2015,GECapitalagreedtosellitstransportation-financeunittoCanada'sBankofMontreal.TheunitsoldhadUS$8.7 billion(CA$11.5 billion)ofassets,600employeesand15officesintheU.S.andCanada.Exacttermsofthesalewerenotdisclosed,butthefinalpricewouldbebasedonthevalueoftheassetsatclosing,plusapremiumaccordingtotheparties.[87]InOctober2015,activistinvestorNelsonPeltz'sfundTrianboughta$2.5 billionstakeinthecompany.[88] InJanuary2016,HaieracquiredGE'sappliancedivisionfor$5.4 billion.[89]InOctober2016,GERenewableEnergyagreedtopay€1.5 billiontoDoughtyHanson&CoforLMWindPowerduring2017.[90] AttheendofOctober2016,itwasannouncedthatGEwasundernegotiationsforadealvaluedatabout$30 billiontocombineGEOil&GaswithBakerHughes.ThetransactionwouldcreateapubliclytradedentitycontrolledbyGE.[91]ItwasannouncedthatGEOil&Gaswouldselloffitswatertreatmentbusiness,GEWater&ProcessTechnologies,aspartofitsdivestmentagreementwithBakerHughes.[92]ThedealwasclearedbytheEUinMay2017,andbytheUnitedStatesDepartmentofJusticeinJune2017.[93][94]ThemergeragreementwasapprovedbyshareholdersattheendofJune2017.OnJuly3,2017,thetransactionwascompletedandBakerHughesbecameaGEcompanyandwasrenamedBakeHughes,AGECompany(BHGE).[95]InNovember2018,GEreduceditsstakeinBakerHughesto50.4%.[96]OnOctober18,2019,GEreduceditsstaketo36.8%andthecompanywasrenamedbacktoBakerHughes.[97][98] InMay2017,GEhadsigned$15 billionofbusinessdealswithSaudiArabia.[99]SaudiArabiaisoneofGE'slargestcustomers.[100]InSeptember2017,GEannouncedthesaleofitsIndustrialSolutionsBusinesstoABB.ThedealclosedonJune30,2018.[101][102] FraudallegationsandnoticeofpossibleSECcivilaction[edit] OnAugust15,2019,HarryMarkopolos,afinancialfraudinvestigatorknownforhisdiscoveryofaPonziSchemerunbyBernardMadoff,accusedGeneralElectricofbeinga"biggerfraudthanEnron",alleging$38 billioninaccountingfraud.GEdeniedwrongdoing.[103][104][105] OnOctober6,2020,GeneralElectricreporteditreceivedaWellsnoticefromtheSecuritiesandExchangeCommissionstatingtheSECmaytakecivilactionforpossibleviolationsofsecuritieslaws.[106] Insufficientreservesforlong-termcarepolicies[edit] ItisallegedthatGEis"hiding"(i.e.under-reserved)[107]$29 billioninlossesrelatedtoitslong-termcarebusiness.[108] AccordingtoanAugust2019FitchRatingsreport,thereareconcernsthatGEhasnotsetasideenoughmoneytocoveritslong-termcareliabilities.[109] In2018,alawsuit(theBeziocase)wasfiledinNewYorkstatecourtonbehalfofparticipantsinGE's401(k)planandshareownersallegingviolationsofSection11oftheSecuritiesActof1933basedonallegedmisstatementsandomissionsrelatedtoinsurancereservesandperformanceofGE'sbusinesssegments.[110] TheKansasInsuranceDepartment(KID)isrequiringGeneralElectrictomake$14.5 billionofcapitalcontributionsforitsinsurancecontractsduringthe7-yearperiodendingin2024.[111] GEreportedthetotalliabilityrelatedtoitsinsurancecontractsincreasedsignificantlyfrom2016to2019: December31,2016$26.1 billion December31,2017$38.6 billion[112] December31,2018$35.6 billion[113] December31,2019$39.6 billion[114] In2018,GEannouncedtheissuanceofthenewstandardbytheFinancialAccountingStandardsBoard(FASB)regardingFinancialServices-Insurance(Topic944)willmateriallyaffectitsfinancialstatements.[115][116]Mr.Markopolosestimatedtherewillbea$US10.5 billionchargewhenthenewaccountingstandardisadoptedinthefirstquarterof2021.[117] Anticipated$8billionlossupondispositionofBakerHughes[edit] In2017,GEacquireda62.5%interestinBakerHughes(BHGE)whenitcombineditsoil&gasbusinesswithBakerHughesIncorporated.[118] In2018,GEreduceditsinterestto50.4%,resultingintherealizationofa$2.1 billionloss.GEisplanningtodivestitsremaininginterestandhaswarnedthatthedivestmentwillresultinanadditionallossof$8.4 billion(assumingaBHGEsharepriceof$23.57pershare).[119]Inresponsetothefraudallegations,GEnotedtheamountofthelosswouldbe$7.4 billionifthedivestmentoccurredonJuly26,2019.[120]Mr.MarkopolosnotedthatBHGEisanassetavailableforsaleandthereforemark-to-marketaccountingisrequired.[121] MarkopolosnotedGE'scurrentratiowasonly0.67.[108]HeexpressedconcernsthatGEmayfileforbankruptcyifthereisarecession.[122] Other[edit] In2018,theGEPensionPlanreportedlossesofUS$3.3 billiononplanassets.[123] In2018,GeneralElectricchangedthediscountrateusedtocalculatetheactuarialliabilitiesofitspensionplans.Theratewasincreasedfrom3.64%to4.34%.[124]Consequently,thereportedliabilityfortheunderfundedpensionplansdecreasedby$7 billionyear-over-year,from$34.2 billionin2017to$27.2 billionin2018.[124] InOctober2018,GeneralElectricannounceditwould"freezepensions"forabout20,000salariedU.S.employees.Theemployeeswillbemovedtoadefined-contributionretirementplanin2021.[125] OnMarch30,2020,GeneralElectricfactoryworkersprotestedtoconvertjetenginefactoriestomakeventilatorsduringtheCOVID-19crisis.[126] InJune2020,GEmadeanagreementtosellitsLightingbusinesstoSavantSystems,Inc.,anindustryleaderintheprofessionalsmarthomespace.Financialdetailsofthetransactionwerenotdisclosed.[127] InNovember2020,GeneralElectricwarneditwouldbecuttingjobswaitingforarecoveryduetotheCOVID-19pandemic.[128] Financialperformance[edit] Year Revenueinmil.US$ Netincomeinmil.US$ Totalassetsinmil.US$ PricepershareinUS$ Employees 2005[129] 136,580 16,720 673,321 22.35 2006[129] 151,568 20,742 696,683 22.43 2007[130] 172,488 22,208 795,683 25.44 2008[131] 181,581 17,335 797,769 19.44 2009[132] 154,438 10,725 781,901 9.96 2010[133] 149,567 11,344 747,793 12.68 2011[134] 146,542 13,120 718,189 14.32 2012[135] 146,684 13,641 684,999 16.56 2013[136] 113,245 13,057 656,560 20.32 307,000 2014[137] 117,184 15,233 654,954 22.72 305,000 2015[138] 117,386 −6,145 493,071 24.28 333,000 2016[139] 123,693 8,176 365,183 28.36 295,000 2017[140] 122,092 −6,222 377,945 25.02 313,000 2018[141] 121,615 −22,802 309,129 12.71 283,000 Dividends[edit] In2018,GEreduceditsquarterlydividendfrom$0.12to$0.01pershare.[142] Stock[edit] Asapublicly-tradedcompanyontheNewYorkStockExchange,GEstockwasoneofthe30componentsoftheDowJonesIndustrialAveragefrom1907to2018,thelongestcontinuouspresenceofanycompanyontheindex,andduringthistimetheonlycompanywhichwaspartoftheoriginalDowJonesIndustrialIndexcreatedin1896.[143]InAugust2000,thecompanyhadamarketcapitalizationof$601 billion,andwasthemostvaluablecompanyintheworld.[144]OnJune26,2018,thestockwasremovedfromtheindexandreplacedwithWalgreensBootsAlliance.[145]Intheyearsleadingtoitsremoval,GEwastheworstperformingstockintheDow,fallingmorethan55percentyearonyearandmorethan25percentyeartodate.[146]Thecompanycontinuedtolosevalueafterbeingremovedfromtheindex.[147] LinearGEstockpricegraph1962–2013 GEtradingvolumegraph Bribery[edit] InJuly2010,GeneralElectricwaswillingtopay$23.4 milliontosettleanSECcomplaint,asGEbribedIraqigovernmentofficialstowincontractsundertheU.N.oil-for-foodprogram. [148] Corporateaffairs[edit] AGeneralElectricneonsign. In1959,GeneralElectricwasaccusedofpromotingthelargestillegalcartelintheUnitedStatessincetheadoptionoftheShermanAntitrustAct(1890)inordertomaintainartificiallyhighprices.Intotal,29companiesand45executiveswouldbeconvicted.Subsequentparliamentaryinquiriesrevealedthat"white-collarcrime"wasbyfarthemostcostlyformofcrimefortheUnitedStates'finances.[149] GEisamultinationalconglomerateheadquarteredinBoston,Massachusetts.[150]Howeveritsmainofficesarelocatedat30RockefellerPlazaatRockefellerCenterinNewYorkCity,knownnowastheComcastBuilding.[needsupdate][151]ItwasformerlyknownastheGEBuildingfortheprominentGElogoontheroof;NBC'sheadquartersandmainstudiosarealsolocatedinthebuilding.ThroughitsRCAsubsidiary,ithasbeenassociatedwiththecentersinceitsconstructioninthe1930s.GEmoveditscorporateheadquartersfromtheGEBuildingonLexingtonAvenuetoFairfield,Connecticutin1974.[152]In2016,GEannouncedamovetotheSouthBostonWaterfrontneighborhoodofBoston,Massachusetts,partlyasaresultofanincentivepackageprovidebystateandcitygovernments.Thefirstgroupofworkersarrivedinthesummerof2016,andthefullmovewillbecompletedby2018.[153][154][155][needsupdate]Duetopoorfinancialperformanceandcorporatedownsizing,GEsoldthelanditplannedtobuilditsnewheadquartersbuildingon,insteadchoosingtooccupyneighboringleasedbuildings.[156] GE'staxreturnisthelargestreturnfiledintheUnitedStates;the2005returnwasapproximately24,000pageswhenprintedout,and237megabyteswhensubmittedelectronically.[157]Asof2011,thecompanyspentmoreonU.S.lobbyingthananyothercompany.[158] In2005,GElaunchedits"Ecomagination"initiativeinanattempttopositionitselfasa"green"company. GEisoneofthebiggestplayersinthewindpowerindustryandisdevelopingenvironment-friendlyproductssuchashybridlocomotives,desalinationandwaterreusesolutions,andphotovoltaiccells.Thecompany"planstobuildthelargestsolar-panel-makingfactoryintheU.S.,"[158]andhassetgoalsforitssubsidiariestolowertheirgreenhousegasemissions.[159] OnMay21,2007,GEannounceditwouldsellitsGEPlasticsdivisiontopetrochemicalsmanufacturerSABICfornetproceedsof$11.6 billion.ThetransactiontookplaceonAugust31,2007,andthecompanynamechangedtoSABICInnovativePlastics,withBrianGladdenasCEO.[160] InFebruary2017,GEannouncedthatthecompanyintendstoclosethegendergapbypromisingtohireandplace20,000womenintechnicalrolesby2020.Thecompanyisalsoseekingtohavea50:50maletofemalegenderrepresentationinallentry-leveltechnicalprograms.[161] InOctober2017,GEannouncedtheywouldbeclosingresearchanddevelopmentcentersinShanghai,MunichandRiodeJaneiro.Thecompanyspent$5 billiononR&Dinthelastyear.[162] OnFebruary25,2019,GEsolditsdiesellocomotivebusinesstoWabtec.[163] CEO[edit] AsofOctober 2018[update],JohnL.FlannerywasreplacedbyH.LawrenceCulpJr.aschairmanandCEOinaunanimousvoteoftheGEBoardofDirectors.[164] CharlesA.Coffin(1913–1922) OwenD.Young(1922–1939,1942–1945) PhilipD.Reed(1940–1942,1945–1958) RalphJ.Cordiner(1958–1963) GeraldL.Phillippe(1963–1972) FredJ.Borch(1967–1972) ReginaldH.Jones(1972–1981) JackWelch(1981–2001) JeffImmelt(2001–2017) JohnL.Flannery(2017–2018)[165] H.LawrenceCulpJr.(2018–present) Corporaterecognitionandrankings[edit] In2011,FortunerankedGEthesixth-largestfirmintheU.S.,[166]andthe14th-mostprofitable.[9]Otherrankingsfor2011/2012includethefollowing:[167] #18companyforleaders(Fortune) #82greencompany(Newsweek) #91mostadmiredcompany(Fortune) #19mostinnovativecompany(FastCompany). In2012,GE'sbrandwasvaluedat$28.8 billion.[168]CEOJeffImmelthadasetofchangesinthepresentationofthebrandcommissionedin2004,afterhetookthereinsaschairman,tounifythediversifiedbusinessesofGE.[citationneeded] Thechangesincludedanewcorporatecolorpalette,smallmodificationstotheGElogo,anewcustomizedfont(GEInspira)andanewslogan,"Imaginationatwork",composedbyDavidLucas,toreplacetheslogan"WeBringGoodThingstoLife"usedsince1979.[169]Thestandardrequiresmanyheadlinestobelowercasedandaddsvisual"whitespace"todocumentsandadvertising.ThechangesweredesignedbyWolffOlinsandareusedonGE'smarketing,literature,andwebsite.In2014,asecondtypefacefamilywasintroduced:GESansandSerifbyBoldMondaycreatedunderartdirectionbyWolffOlins.[170] Asof2016[update],GEhadappearedontheFortune500listfor22yearsandheldthe11thrank.[171]GEwasremovedfromtheDowJonesIndustrialAverageonJune28,2018,afterthevaluehaddroppedbelow1%oftheindex'sweight.[172] RankinginFortune500 Year Rank 1996 7 1997 5 1998 5 1999 5 2000 6 2001 5 2002 6 2003 5 2004 5 2005 5 2006 7 2007 6 2008 6 2009 5 2010 4 2011 6 2012 6 2013 8 2014 9 2015 8 2016 11 2017 13 2018 18 2019 21 2020 33 2021 38 Businesses[edit] Mainarticle:ListofassetsownedbyGeneralElectric GE'sprimarybusinessdivisionsare: GEAdditive GEAviation GECapital GEDigital GEHealthcare GEPower GERenewableEnergy GEResearch Throughthesebusinesses,GEparticipatesinmarketsthatincludethegeneration,transmissionanddistributionofelectricity(e.g.nuclear,gasandsolar),industrialautomation,medicalimagingequipment,motors,aircraftjetengines,andaviationservices.ThroughGECommercialFinance,GEConsumerFinance,GEEquipmentServices,andGEInsuranceitoffersarangeoffinancialservices.Ithasapresenceinover100countries.[173] GEgaugestocontrolarailwaylocomotiveatamuseumnearSaskatoon,Canada[174] GeneralImagingmanufacturersGEdigitalcameras.[175] Eventhoughthefirstwaveofconglomerates(suchasITTCorporation,Ling-Temco-Vought,Tenneco,etc.)fellbythewaysidebythemid-1980s,inthelate1990s,anotherwave(consistingofWestinghouse,Tyco,andothers)triedandfailedtoemulateGE'ssuccess.[176] AsofAugust2015[update]GEisplanningtosetupasiliconcarbidechippackagingR&DcenterincoalitionwithSUNYPolytechnicInstituteinUtica,NewYork.Theprojectwillcreate470jobswiththepotentialtogrowto820jobswithin10years.[177] OnSeptember14,2015,GEannouncedthecreationofanewunit:GEDigital,whichwillbringtogetheritssoftwareandITcapabilities.ThenewbusinessunitwillbeheadedbyBillRuh,whojoinedGEin2011fromCiscoSystemsandhassinceworkedonGE'ssoftwareefforts.[178] Formerdivisions[edit] GEIndustrialwasadivisionprovidingappliances,lightingandindustrialproducts;factoryautomationsystems;plastics,siliconesandquartzproducts;securityandsensorstechnology,andequipmentfinancing,managementandoperatingservices.Asof2007ithad70,000employeesgenerating$17.7 billioninrevenue.[179]Aftersomemajorrealignmentsinlate2007,GEIndustrialwasorganizedintwomainsubbusinesses: GEConsumer&Industrial Appliances ElectricalDistribution Lighting GEEnterpriseSolutions DigitalEnergy GEFanucIntelligentPlatforms Security Sensing&InspectionTechnologies TheformerGEPlasticsdivisionwassoldinAugust2007andisnowSABICInnovativePlastics. OnMay4,2008,itwasannouncedthatGEwouldauctionoffitsappliancesbusinessforanexpectedsaleof$5–8 billion.[180]However,thisplanfellthroughasaresultoftherecession.[181] TheformerGEAppliancesandLightingsegmentwasdissolvedin2014whenGE'sappliancedivisionwasattemptedtobesoldtoElectroluxfor$5.4 billion,buteventuallysoldittoHaierinJune2016duetoantitrustfilingagainstElectrolux.GELighting(consumerlighting)andthenewlycreatedCurrent,poweredbyGE,whichdealsincommercialLED,solar,EV,andenergystorage,becamestand-alonebusinesseswithinthecompany,[182]untilthesaleofthelattertoAmericanIndustrialPartnersinApril2019[183] TheformerGETransportationdivisionmergedwithWabteconFebruary25,2019,leavingGEwitha24.9%holdinginWabtec.[184] OnJuly1,2020,GELightingwasacquiredbySavantSystemsandremainsheadquarteredatNelaParkinEastCleveland,Ohio.[185] Environmentalrecord[edit] Carbonfootprint[edit] GeneralElectricCompanyreportedTotalCO2eemissions(Direct+Indirect)forthetwelvemonthsending31December2020at2,080Kt(-310/-13%y-o-y).[186]Therehasbeenaconsistentdecliningtrendinreportedemissionssince2016. GeneralElectricCompany'sannualTotalCO2eemissions(Direct+Indirect)(inkilotonnes) Dec2016 Dec2017 Dec2018 Dec2019 Dec2020 3,830[187] 3,780[188] 2,800[189] 2,390[190] 2,080[186] Pollution[edit] GEhasahistoryofsomeofitsactivitiesgivingrisetolarge-scaleairandwaterpollution.Basedondatafrom2000,[191]researchersatthePoliticalEconomyResearchInstitutelistedthecorporationasthefourth-largestcorporateproducerofairpollutionintheUnitedStates,withmorethan4.4 millionpoundsperyear(2,000tons)oftoxicchemicalsreleasedintotheair.[192]GEhasalsobeenimplicatedinthecreationoftoxicwaste.AccordingtoEPAdocuments,onlytheUnitedStatesGovernment,Honeywell,andChevronCorporationareresponsibleforproducingmoreSuperfundtoxicwastesites.[193] In1983,NewYorkStateAttorneyGeneralRobertAbramsfiledsuitintheUnitedStatesDistrictCourtfortheNorthernDistrictofNewYorktocompelGEtopayfortheclean-upofwhatwasclaimedtobemorethan100,000tonsofchemicalsdumpedfromtheirplantinWaterford,NewYork.[194]In1999,thecompanyagreedtopaya$250 millionsettlementinconnectionwithclaimsitpollutedtheHousatonicRiver(Pittsfield,Massachusetts)andothersiteswithpolychlorinatedbiphenyls(PCBs)andotherhazardoussubstances.[195] In2003,actingonconcernsthattheplanproposedbyGEdidnot"provideforadequateprotectionofpublichealthandtheenvironment,"theUnitedStatesEnvironmentalProtectionAgencyissuedaunilateraladministrativeorderforthecompanyto"addresscleanupattheGEsite"inRome,Georgia,alsocontaminatedwithPCBs.[196] Thenuclearreactorsinvolvedinthe2011crisisatFukushimaIinJapanwereGEdesigns,[197]andthearchitecturaldesignsweredonebyEbasco,[198]formerlyownedbyGE.Concernsoverthedesignandsafetyofthesereactorswereraisedasearlyas1972,buttsunamidangerwasnotdiscussedatthattime.[199]Asof2014[update],thesamemodelnuclearpowerreactorsdesignedbyGEareoperatingintheUS;[200]however,asofMay31,2019,thecontroversialPilgrimNuclearGeneratingStation,inPlymouth,Massachusetts,hasbeenshutdownandisintheprocessofdecommission. PollutionoftheHudsonRiver[edit] Mainarticle:PollutionoftheHudsonRiver GEheavilycontaminatedtheHudsonRiverwithpolychlorinatedbiphenyls(PCBs)between1947and1977.[201]Thispollutioncausedarangeofharmfuleffectstowildlifeandpeoplewhoeatfishfromtheriverordrinkthewater.[202]Inresponsetothecontamination,activistsprotestedinvariousways.MusicianPeteSeegerfoundedtheHudsonRiverSloopClearwaterandtheClearwaterFestivaltodrawattentiontotheproblem.In1983,theUnitedStatesEnvironmentalProtectionAgency(EPA)declareda200-mile(320 km)stretchoftheriver,fromHudsonFallstoNewYorkCity,tobeaSuperfundsiterequiringcleanup.ThisSuperfundsiteisconsideredtobeoneofthelargestinthenation.[203]Othersourcesofpollution,includingmercurycontaminationandsewagedumping,havealsocontributedtoproblemsintheHudsonRiverwatershed.[204][205] PollutionoftheHousatonicRiver[edit] Fromc. 1932until1977,GEpollutedtheHousatonicRiverwithPCBdischargesfromitsplantatPittsfield,Massachusetts.EPAdesignatedthePittsfieldplantandseveralmilesoftheHousatonictobeaSuperfundsitein1997,andorderedGEtoremediatethesite.[206]Aroclor1254andAroclor1260,madebyMonsanto,wastheprimarycontaminantofthepollution.[207][208]ThehighestconcentrationsofPCBsintheHousatonicRiverarefoundinWoodsPondinLenox,Massachusetts,justsouthofPittsfield,wheretheyhavebeenmeasuredupto110 mg/kginthesediment.[208]About50%ofallthePCBscurrentlyintheriverareestimatedtoberetainedinthesedimentbehindWoodsPonddam.Thisisestimatedtobeabout11,000pounds(5,000 kg)ofPCBs.[208]Formerfilledoxbowsarealsopolluted.[209]WaterfowlandfishwholiveinandaroundtherivercontainsignificantlevelsofPCBsandcanpresenthealthrisksifconsumed.[210][211][212] Environmentalinitiatives[edit] GEfacilityinSchenectady,NewYork AGeneralElectricEVchargingstationinNorthAmerica OnJune6,2011,GEannouncedthatithaslicensedsolarthermaltechnologyfromCalifornia-basedeSolarforuseinpowerplantsthatusebothsolarandnaturalgas.[213] OnMay26,2011,GEunveileditsEVSolarCarport,acarportthatincorporatessolarpanelsonitsroof,withelectricvehiclechargingstationsunderitscover.[214] InMay2005,GEannouncedthelaunchofaprogramcalled"Ecomagination",intended,inthewordsofCEOJeffImmelt,"todeveloptomorrow'ssolutionssuchassolarenergy,hybridlocomotives,fuelcells,lower-emissionaircraftengines,lighterandstrongerdurablematerials,efficientlighting,andwaterpurificationtechnology".[215]Theannouncementpromptedanop-edpieceinTheNewYorkTimestoobservethat,"whileGeneralElectric'sincreasedemphasisoncleantechnologywillprobablyresultinimprovedproductsandbenefititsbottomline,Mr.Immelt'scredibilityasaspokesmanonnationalenvironmentalpolicyisfatallyflawedbecauseofhiscompany'sintransigenceincleaningupitsowntoxiclegacy."[216] GEhassaidthatitwillinvest$1.4 billionincleantechnologyresearchanddevelopmentin2008aspartofitsEcomaginationinitiative.AsofOctober2008,theschemehadresultedin70greenproductsbeingbroughttomarket,rangingfromhalogenlampstobiogasengines.In2007,GEraisedtheannualrevenuetargetforitsEcomaginationinitiativefrom$20 billionin2010to$25 billionfollowingpositivemarketresponsetoitsnewproductlines.[217]In2010,GEcontinuedtoraiseitsinvestmentbyadding$10 billionintoEcomaginationoverthenextfiveyears.[218] GEEnergy'srenewableenergybusinesshasexpandedgreatly,tokeepupwithgrowingU.S.andglobaldemandforcleanenergy.Sinceenteringtherenewableenergyindustryin2002,GEhasinvestedmorethan$850 millioninrenewableenergycommercialization.InAugust2008,itacquiredKelmanLtd,[219]aNorthernIreland-basedcompanyspecializinginadvancedmonitoringanddiagnosticstechnologiesfortransformersusedinrenewableenergygenerationandannouncedanexpansionofitsbusinessinNorthernIrelandinMay2010.[220]In2009,GE'srenewableenergyinitiatives,whichincludesolarpower,windpowerandGEJenbachergasenginesusingrenewableandnon-renewablemethane-basedgases,[221]employmorethan4,900peoplegloballyandhavecreatedmorethan10,000supportingjobs.[222] GEEnergyandOrionNewZealand(Orion)haveannouncedtheimplementationofthefirstphaseofaGEnetworkmanagementsystemtohelpimprovepowerreliabilityforcustomers.GE'sENMACDistributionManagementSystemisthefoundationofOrion'sinitiative.Thesystemofsmartgridtechnologieswillsignificantlyimprovethenetworkcompany'sabilitytomanagebignetworkemergenciesandhelpittorestorepowerfasterwhenoutagesoccur. InJune2018,GEVolunteers,aninternalgroupofGEEmployees,alongwithMalaysianNatureSociety,transplantedmorethan270plantsfromtheTamanTuguforestreservesothattheymaybereplantedintheforesttrailwhichisunderconstruction. Educationalinitiatives[edit] GEHealthcareiscollaboratingwithTheWayneStateUniversitySchoolofMedicineandtheMedicalUniversityofSouthCarolinatoofferanintegratedradiologycurriculumduringtheirrespectiveMDProgramsledbyinvestigatorsoftheAdvancedDiagnosticUltrasoundinmicro-gravitystudy.[223]GEhasdonatedoveronemilliondollarsofLogiqEUltrasoundequipmenttothesetwoinstitutions.[224] Marketinginitiatives[edit] Seealso:GeneralElectricTheater BetweenSeptember2011andApril2013,GEranacontentmarketingcampaigndedicatedtotellingthestoriesof"innovators—peoplewhoarereshapingtheworldthroughactorinvention".Theinitiativeincluded303-minutefilmsfromleadingdocumentaryfilmdirectors(AlbertMaysles,JessicaYu,LeslieIwerks,SteveJames,AlexGibney,LixinFan,GaryHustwitandothers),andauser-generatedcompetitionthatreceivedover600submissions,outofwhich20finalistswerechosen.[225] ShortFilms,BigIdeaswaslaunchedatthe2011TorontoInternationalFilmFestivalinpartnershipwithcinelan.StoriesincludedbreakthroughsinSlingshot(watervapordistillationsystem),cancerresearch,energyproduction,painmanagementandfoodaccess.Eachofthe30filmsreceivedworldpremierescreeningsatamajorinternationalfilmfestival,includingtheSundanceFilmFestivalandtheTribecaFilmFestival.Thewinningamateurdirectorfilm,TheCyborgFoundation,wasawardedaUS$100,000prizeatthe2013atSundanceFilmFestival.[226]AccordingtoGE,thecampaigngarneredmorethan1.5 billiontotalmediaimpressions,14 milliononlineviews,andwasseenin156countries.[227] InJanuary2017,GEsignedanestimated$7 milliondealwiththeBostonCelticstohaveitscorporatelogoputontheNBAteam'sjersey.[228] Politicalaffiliation[edit] Inthe1950s,GEsponsoredRonaldReagan'sTVcareerandlaunchedhimonthelecturecircuit.GEhasalsodesignedsocialprograms,supportedcivilrightsorganizations,andfundsminorityeducationprograms.[229] Notableappearancesinmedia[edit] Intheearly1950s,KurtVonnegutwasawriterforGE.Anumberofhisnovelsandstories(notablyCat'sCradleandPlayerPiano)refertothefictionalcityofIlium,whichappearstobelooselybasedonSchenectady,NewYork.[230]TheIliumWorksisthesettingfortheshortstory"DeerintheWorks". In1981,GEwonaClioawardforits:30SoftWhiteLightBulbscommercial,WeBringGoodThingstoLife.[231]Theslogan"WeBringGoodThingstoLife"wascreatedbyPhilDusenberryattheadagencyBBDO.[232] GEwastheprimaryfocusofa1991shortsubjectAcademyAward-winningdocumentary,DeadlyDeception:GeneralElectric,NuclearWeapons,andOurEnvironment,[233]thatjuxtaposedGE's"WeBringGoodThingsToLife"commercialswiththetruestoriesofworkersandneighborswhoseliveshavebeenaffectedbythecompany'sactivitiesinvolvingnuclearweapons.[234] In2013,GEreceivedaNationalJeffersonAwardforOutstandingServicebyaMajorCorporation.[235] Seealso[edit] Companiesportal GETechnologyInfrastructure KnollsAtomicPowerLaboratory ListofassetsownedbyGeneralElectric Phoebuscartel Top100USFederalContractors References[edit] ^"GeneralElectricRevenue2006-2021|GE". ^"FORM10-K"(PDF).GeneralElectric.Archivedfromtheoriginal(PDF)onMarch24,2020.RetrievedMay11,2020. ^"SummaryofOperatingSegments"(PDF).GE.Archivedfromtheoriginal(PDF)onApril12,2018.RetrievedApril12,2018. 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Furtherreading[edit] Carlson,W.Bernard.InnovationasaSocialProcess:ElihuThomsonandtheRiseofGeneralElectric,1870–1900(Cambridge:CambridgeUniversityPress,1991). Woodbury,DavidO.ElihuThomson,BelovedScientist(Boston:MuseumofScience,1944) Haney,JohnL.TheElihuThomsonCollectionAmericanPhilosophicalSocietyYearbook1944. Hammond,JohnW.MenandVolts:TheStoryofGeneralElectric,published1941,436pages. Mill,JohnM.MenandVoltsatWar:TheStoryofGeneralElectricinWorldWarII,published1947. Irmer,Thomas.GerardSwope.InImmigrantEntrepreneurship:German-AmericanBusinessBiographies,1720tothePresent,vol.4,editedbyJeffreyFear.GermanHistoricalInstitute. Externallinks[edit] WikimediaCommonshasmediarelatedtoGeneralElectric. 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