Misplaced Pages

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77-688: As a pilot, Larry Bell saw his first plane at an air show, starting a lifelong fascination with aviation. Bell dropped out of high school in 1912 to join his brother in the burgeoning aircraft industry at the Glenn L. Martin Company , where by 1914 he had become shop superintendent. By 1920, Bell was vice president and general manager of Martin, then based in Cleveland . Feeling that he deserved part ownership, in late 1924, he presented Martin with an ultimatum. Mr. Martin refused, and Bell quit. Bell spent several years out of

154-533: A $ 3 billion deal and also bought a $ 1.6 billion portfolio of retail credit cards from Citigroup Inc. On October 14, 2010, GE announced the acquisition of data migration & SCADA simulation specialists Opal Software. In December 2010, for the second time that year (after the Dresser acquisition), GE bought the oil sector company Wellstream , an oil pipe maker, for 800 million pounds ($ 1.3 billion). In March 2011, GE announced that it had completed

231-526: A controlling interest in the company, while GE would retain a 49% stake and would buy out shares owned by Vivendi. Vivendi would sell its 20% stake in NBCUniversal to GE for US$ 5.8 billion. Vivendi would sell 7.66% of NBCUniversal to GE for US$ 2 billion if the GE/Comcast deal was not completed by September 2010 and then sell the remaining 12.34% stake of NBCUniversal to GE for US$ 3.8 billion when

308-577: A division of GE called GE Information Systems (GEIS). The new company, named GXS , is based in Gaithersburg, Maryland . GXS is a provider of business-to-business e-commerce solutions. GE maintains a minority stake in GXS. Also in 2002, GE Wind Energy was formed when GE bought the wind turbine manufacturing assets of Enron Wind after the Enron scandals . In 2004, GE bought 80% of Vivendi Universal Entertainment,

385-644: A factory near Marietta, Georgia , just northwest of Atlanta . Online by mid-1943, the new plant produced hundreds of Consolidated B-24 Liberators and Boeing B-29 Superfortress bombers. In mid-1944, the production of the B-24 was consolidated from several different companies (including some in Texas) to two large factories: Consolidated Vultee in San Diego and Ford Motor Company 's Willow Run factory near Detroit, Michigan , which had been specially designed to produce B-24s. For

462-565: A few years later with Thomson-Houston Electric Company , led by Charles Coffin . In 1887, Hart left to become superintendent of the Edison Electric Company. General Electric was formed through the 1892 merger of Edison General Electric Company and Thomson-Houston Electric Company with the support of Drexel, Morgan & Co. The original plants of both companies continue to operate under the GE banner to this day. The General Electric business

539-524: A government-sponsored "spy tour" to Germany with 44 other industrialists in 1938, he saw the Focke-Wulf Fw 61 helicopter, and used the layout of a German aircraft factory for his Niagara Falls plant . Bell Aircraft built the P-39 Airacobra and P-63 Kingcobra fighter aircraft during World War II . Bell's P-59 Airacomet fighter was America's first jet-powered aircraft. Postwar, the company produced

616-507: A joint venture in steam turbines, plus a €3.1 billion cash investment. In June 2014, a formal offer from GE worth $ 17 billion was agreed by the Alstom board. Part of the transaction involved the French government taking a 20% stake in Alstom to help secure France's energy and transport interests and French jobs. A rival offer from Siemens Mitsubishi Heavy Industries was rejected. The acquisition

693-541: A lamp manufacturer in East Newark, New Jersey ; Edison Machine Works , a manufacturer of dynamos and large electric motors in Schenectady, New York ; Bergmann & Company, a manufacturer of electric lighting fixtures , sockets , and other electric lighting devices; and Edison Electric Light Company, the patent -holding company and financial arm for Edison's lighting experiments, backed by J. P. Morgan (1837–1913) and

770-714: A similar system was incorporated into the North American X-15 spaceplane. NASA selected Bell to develop and built the LLRV Lunar Landing Research Vehicle , three of which were built in the early 1960s to train the Apollo astronauts to land on the Moon. Bell also designed the rocket engine used in the Apollo LEM Ascent Propulsion System , which was responsible for getting NASA's astronauts off

847-513: Is one of GE's four multifunctional shared services centers worldwide in Pudong , China; Budapest , Hungary; and Monterrey , Mexico. In April 2015, GE announced its intention to sell off its property portfolio, worth $ 26.5 billion, to Wells Fargo and The Blackstone Group . It was announced in April 2015 that GE would sell most of its finance unit and return around $ 90 billion to shareholders as

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924-681: Is perhaps the UH-1 Iroquois, with over 16,000 produced, advanced versions of which remain in production. The "Huey" transformed US Army aviation during the Vietnam War, and became one of the most recognizable aircraft in history. For his role in the X-1's first supersonic flight, he shared the 1947 Collier Trophy with pilot Chuck Yeager and John Stack , a research scientist with the National Advisory Committee for Aeronautics (now NASA ). He

1001-601: The Bell X-1 , the first aircraft to break the sound barrier in level flight. The company began developing helicopters in 1941, with the Bell 30 taking its maiden flight in 1943. This early model evolved into the Bell 47 , the first helicopter to be certified for civilian use. The Model 47 saw worldwide success, with over 5,600 being built, serving notably in the Korean War, and in innumerable civilian roles. Bell's greatest enduring legacy

1078-559: The DATANET-30 and Datanet 355 message switching computers (DATANET-30 and 355 were also used as front end processors for GE mainframe computers). A Datanet 500 computer was designed but never sold. In 1956 Homer Oldfield had been promoted to General Manager of GE's Computer Department. He facilitated the invention and construction of the Bank of America ERMA system, the first computerized system designed to read magnetized numbers on checks. But he

1155-785: The Glenn L. Martin Company after friends convinced him to return to the industry. He became Martin's shop foreman at age 20, and later the company's general manager, wanting to become partner. On July 17, 1915, he married Lucille Mainwaring (1891–1970); their marriage, without children, lasted for thirty-three years. He left Martin in 1928 to join Consolidated Aircraft in Buffalo, New York , eventually becoming vice president and general manager. When Consolidated relocated to San Diego , Bell stayed in Buffalo and founded his own company with 56 employees, Bell Aircraft Corporation, on July 10, 1935. On

1232-497: The Multics operating system on the GE 645 mainframe computer. The project took longer than expected and was not a major commercial success, but it demonstrated concepts such as single-level storage , dynamic linking , hierarchical file system , and ring-oriented security . Active development of Multics continued until 1985. GE got into computer manufacturing because, in the 1950s, they were

1309-566: The NBC television network for $ 6.28 billion; this merger surpassed the Capital Cities/ABC merger from earlier that year as the largest non-oil company merger in world business history. The remainder of RCA's divisions and assets were sold to various companies, including Bertelsmann Music Group which acquired RCA Records . Thomson SA , which licensed the manufacture of RCA and GE branded electronics, traced its roots to Thomson-Houston, one of

1386-543: The National Broadcasting Company (NBC), which built two radio broadcasting networks. In 1930, General Electric was charged with antitrust violations and was ordered to divest itself of RCA. In 1927, Ernst Alexanderson of GE made the first demonstration of television broadcast reception at his General Electric Realty Plot home at 1132 Adams Road in Schenectady, New York. On January 13, 1928, he made what

1463-646: The P-63 Kingcobra , this warplane addressed many of the shortcomings of the P-39, though it was produced too late in the war to make any significant contribution. 2,971 P-63's were built between 1943 and 1945, many delivered to the Soviet Union. Also, by that time, the Army Air Forces already had the superior P-47 Thunderbolt and P-38 Lightning fighter-bombers . In October 1942, The Bell-built twin-jet P-59 Airacomet

1540-562: The Vanderbilt family . Henry Villard, a long-time Edison supporter and investor, proposed to consolidate all of business interests. The proposal was supported by Samuel Insull - who served as his secretary and, later, financier - as well other investors. In 1889, Drexel, Morgan & Co. —a company founded by J.P. Morgan and Anthony J. Drexel —financed Edison's research and helped merge several of Edison's separate companies under one corporation, forming Edison General Electric Company, which

1617-626: The transmission of electrical power . In 1896, General Electric was one of the original 12 companies listed on the newly formed Dow Jones Industrial Average , where it remained a part of the index for 122 years, though not continuously. In 1911, General Electric absorbed the National Electric Lamp Association (NELA) into its lighting business. GE established its lighting division headquarters at Nela Park in East Cleveland, Ohio . The lighting division has since remained in

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1694-455: The 9HA. After the break, GE developed new protective coatings and heat treatment methods. Gas turbines represent a significant portion of GE Power's revenue, and also represent a significant portion of the power generation fleet of several utility companies in the United States. Chubu Electric of Japan and Électricité de France also had units that were impacted. Initially, GE did not realize

1771-639: The Denver television station until in 1986, when General Electric bought out RCA and made it into an owned-and-operated station by NBC . It even stayed on until 1995 when it was transferred to a joint venture between CBS and Group W in a swap deal, alongside KUTV in Salt Lake City for longtime CBS O&O in Philadelphia, WCAU-TV . Stations are arranged in alphabetical order by state and city of license . Led by Sanford Alexander Moss , GE moved into

1848-784: The Fortune 20 as the 14th most profitable company, but later very severely underperformed the market (by about 75%) as its profitability collapsed. Two employees of GE— Irving Langmuir (1932) and Ivar Giaever (1973)—have been awarded the Nobel Prize . Following the Great Recession of the late 2000s decade, General Electric began selling off various divisions and assets, including its appliances and financial capital divisions, under Jeff Immelt 's leadership as CEO. John Flannery, Immelt's replacement in 2017, further divested General Electric's assets in locomotives and lighting in order to focus

1925-407: The Moon. Société d'Étude et de Développement des Aéroglisseurs Marins (SEDAM) was a French-based unit of Bell founded in 1965 and builder of N500 Naviplane hovercraft, as well as N.300 Naviplane and Naviplane N102 . SEDAM ceased operations in 1982 and factory site re-developed for non-aviation usage. Lawrence Dale Bell Lawrence Dale "Larry" Bell (April 5, 1894 – October 20, 1956)

2002-424: The P-39 placed the engine in the center of the aircraft, with the propeller driven by a long shaft through which a 37mm cannon was also mounted, firing through the propeller's spinner. Due to persistent development and production problems, the original turbosupercharger was deleted from production models, instead using a single-stage, single-speed supercharger, as was standard on all other Allison-powered products, with

2079-498: The P-59 that was cancelled. The Bell XF-109 was a supersonic vertical takeoff fighter that was cancelled in 1961. Perhaps Bell Aircraft's most important contribution to the history of fixed-wing aircraft development would be the design and building of the experimental Bell X-1 rocket plane , the world's first airplane to break the sound barrier , and its follow-on, the Bell X-2 . Unlike

2156-524: The U.S. Army Air Corps to select GE to develop the nation's first jet engine during the war. This experience, in turn, made GE a natural selection to develop the Whittle W.1 jet engine that was demonstrated in the United States in 1941. GE was ranked ninth among United States corporations in the value of wartime production contracts. However, their early work with Whittle's designs was later handed to Allison Engine Company . GE Aviation then emerged as one of

2233-520: The U.S. and Canada. The exact terms of the sale were not disclosed, but the final price would be based on the value of the assets at closing, plus a premium according to the parties. In October 2015, activist investor Nelson Peltz 's fund Trian bought a $ 2.5 billion stake in the company. In January 2016, Haier acquired GE's appliance division for $ 5.4 billion. In October 2016, GE Renewable Energy agreed to pay €1.5 billion to Doughty Hanson & Co for LM Wind Power during 2017. At

2310-443: The acquisition of Hydril Pressure & Control in 2008 for $ 1.1 billion. GE Plastics was sold in 2008 to SABIC (Saudi Arabia Basic Industries Corporation). In May 2008, GE announced it was exploring options for divesting the bulk of its consumer and industrial business. On December 3, 2009, it was announced that NBCUniversal would become a joint venture between GE and cable television operator Comcast . Comcast would hold

2387-455: The acquisition of privately held Lineage Power Holdings from The Gores Group . In April 2011, GE announced it had completed its purchase of John Wood plc's Well Support Division for $ 2.8 billion. In 2011, GE Capital sold its $ 2 billion Mexican assets to Santander for $ 162 million and exited the business in Mexico. Santander additionally assumed the portfolio debts of GE Capital in

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2464-460: The air-to-air role, where they found it to excel as a front-line fighter against some of the best pilots and aircraft of the Luftwaffe . The Soviet-flown P-39s were the main reason that the aircraft is credited with highest number of individual kills attributed to any U.S. fighter type. A somewhat larger and more powerful version of the P-39 was produced shortly before the end of World War II . Called

2541-408: The aviation industry, but in 1928 was hired by Reuben H. Fleet at Consolidated Aircraft , in Buffalo, New York , where he was guaranteed an interest in the company. Before long, Bell became general manager and business was booming, but he still wanted to run his own company. Although he could raise local capital, he knew he would not be able to compete with either Consolidated or Curtiss-Wright ,

2618-792: The company expanded into cable with the launch of a franchise, which was awarded to a non-exclusive franchise in Schenectady through subsidiary General Electric Cablevision Corporation. On February 15, 1965, General Electric expanded its holdings in order to acquire more television stations to meet the maximum limit of the FCC, and more cable holdings through subsidiaries General Electric Broadcasting Company and General Electric Cablevision Corporation. The company also owned television stations such as KOA-TV (now KCNC-TV ) in Denver and WSIX-TV (later WNGE-TV, now WKRN ) in Nashville, but like WRGB, General Electric sold off most of its broadcasting holdings, but held on to

2695-562: The company more on aviation. After restrictions on air travel during the COVID-19 pandemic caused General Electric's revenue to fall significantly in 2020, GE's final CEO Larry Culp announced in November 2021 that General Electric was to be broken up into three separate, public companies— GE Aerospace , GE HealthCare , and GE Vernova —by 2024. The new companies are respectively focused on aerospace, healthcare, and energy. GE HealthCare's spin-off

2772-587: The company was in financial difficulty. Textron purchased the Bell Aerospace division on 5 July 1960. Bell Aerospace was composed of three divisions of Bell Aircraft, including the helicopter division. Bell Aerospace Textron continued to play a significant role in NASA's mission to land men on the Moon in the 1960s. Bell designed and built the Reaction Control system for Project Mercury 's Redstone command module and

2849-404: The company was renamed back to Baker Hughes. In May 2017, GE had signed $ 15 billion of business deals with Saudi Arabia . Saudi Arabia is one of GE's largest customers. In September 2017, GE announced the sale of its Industrial Solutions Business to ABB . The deal closed on June 30, 2018. On August 15, 2019, Harry Markopolos , a financial fraud investigator known for his discovery of

2926-620: The company's longtime stake in television and film media. In April 2013, GE acquired oilfield pump maker Lufkin Industries for $ 2.98 billion. In April 2014, it was announced that GE was in talks to acquire the global power division of French engineering group Alstom for a figure of around $ 13 billion. A rival joint bid was submitted in June 2014 by Siemens and Mitsubishi Heavy Industries (MHI) with Siemens seeking to acquire Alstom's gas turbine business for €3.9 billion, and MHI proposing

3003-522: The country. Following this, GE Capital focused on its core business and shed its non-core assets. In June 2012, CEO and President of GE Jeff Immelt said that the company would invest ₹ 3 billion to accelerate its businesses in Karnataka . In October 2012, GE acquired $ 7 billion worth of bank deposits from MetLife Inc . On March 19, 2013, Comcast bought GE's shares in NBCU for $ 16.7 billion, ending

3080-509: The deal was completed or to the public via an IPO if the deal was not completed. On March 1, 2010, GE announced plans to sell its 20.85% stake in Turkey-based Garanti Bank. In August 2010, GE Healthcare signed a strategic partnership to bring cardiovascular Computed Tomography (CT) technology from start-up Arineta Ltd. of Israel to the hospital market. In October 2010, GE acquired gas engines manufacturer Dresser Industries in

3157-426: The end of October 2016, it was announced that GE was under negotiations for a deal valued at about $ 30 billion to combine GE Oil & Gas with Baker Hughes . The transaction would create a publicly traded entity controlled by GE. It was announced that GE Oil & Gas would sell off its water treatment business, GE Water & Process Technologies, as part of its divestment agreement with Baker Hughes. The deal

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3234-565: The exception of the P-38. The P-39 performed poorly at high altitudes compared to newer, late-war designs. Most Allied forces thought the Airacobra effective only for ground attack roles, as demonstrated by a few U.S. Army Air Forces units that flew P-39s, such as the so-called Cactus Air Force on Guadalcanal in 1942–43. However, the Soviet Air Force used their Lend-Lease P-39s primarily in

3311-633: The firm looked to trim down on its holdings and rid itself of its image of a "hybrid" company, working in both banking and manufacturing. In August 2015, GE Capital agreed to sell its Healthcare Financial Services business to Capital One for US$ 9 billion. The transaction involved US$ 8.5 billion of loans made to a wide array of sectors, including senior housing, hospitals, medical offices, outpatient services, pharmaceuticals, and medical devices. Also in August 2015, GE Capital agreed to sell GE Capital Bank's on-line deposit platform to Goldman Sachs . Terms of

3388-619: The first engine until March 1942. Also, General Henry "Hap" Arnold had forbidden use of wind tunnels to test and optimize the design, but later relented somewhat, only allowing the group to use the low-speed tunnel at Wright Field , Ohio . Bell engineers could only guess at the performance characteristics. Originally intended initially as a production aircraft, the P-59 nevertheless became an important experimental testbed for jet technology, providing invaluable data for development of later jet airplanes. During World War II, Bell also built heavy bombers under license from other aircraft companies at

3465-495: The largest user of computers outside the United States federal government , aside from being the first business in the world to own a computer. Its major appliance manufacturing plant " Appliance Park " was the first non-governmental site to host one. However, in 1970, GE sold its computer division to Honeywell , exiting the computer manufacturing industry, though it retained its timesharing operations for some years afterward. GE

3542-452: The new field of aircraft turbo superchargers . This technology also led to the development of industrial gas turbine engines used for power production. GE introduced the first set of superchargers during World War I and continued to develop them during the interwar period . Superchargers became indispensable in the years immediately before World War II. GE supplied 300,000 turbo superchargers for use in fighter and bomber engines. This work led

3619-643: The only part of Bell Aircraft still producing aircraft when Bell was purchased by the Textron Corporation . That part of Textron is now known today as Bell Helicopter . After a series of successful helicopter designs, the UH-1 Iroquois became the most famous helicopter of the War in Vietnam , and Bell Helicopter still designs and manufactures helicopters today. Lawrence Bell died in 1956, and for several years afterwards

3696-545: The original components of GE. Also in 1986, Kidder, Peabody & Co. , a U.S.-based securities firm, was sold to GE and following heavy losses was sold to PaineWebber in 1994. In 1997, Genpact was founded as a unit of General Electric in Gurgaon . The company was founded as GE Capital International Services (GECIS).  In the beginning, GECIS created processes for outsourcing back-office activities for GE Capital such as processing car loans and credit card transactions. It

3773-552: The parent of Universal Pictures from Vivendi . Vivendi bought 20% of NBC, forming the company NBCUniversal . GE then owned 80% of NBCUniversal and Vivendi owned 20%. In 2004, GE completed the spin-off of most of its mortgage and life insurance assets into an independent company, Genworth Financial , based in Richmond, Virginia . In May 2007, GE acquired Smiths Aerospace for $ 4.8 billion. Also in 2007, GE Oil & Gas acquired Vetco Gray for $ 1.9 billion, followed by

3850-486: The property of the Lockheed Corporation , which has used it for producing C-130 Hercules , C-141 Starlifter , and C-5 Galaxy transport planes . Although Bell designed several more fighter plane designs during and after WW II, none of these ever entered mass-production. The XP-77 was a small fighter using non- strategic materials ; it was not successful. The XP-83 was a jet escort fighter similar in layout to

3927-509: The remedies proposed by GE were insufficient to resolve the competition concerns resulting from the proposed acquisition of Honeywell". On June 27, 2014, GE partnered with collaborative design company Quirky to announce its connected LED bulb called Link. The Link bulb is designed to communicate with smartphones and tablets using a mobile app called Wink . In December 1985, GE reacquired the RCA Corporation , primarily to gain ownership of

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4004-576: The rest of the war, Bell's Marietta plant , under the management of Carl Cover and James V. Carmichael concentrated on producing B-29s, producing 668 of them by the time contract expired in the fall of 1945. Bell ranked 25th among United States corporations in the value of wartime production contracts. As the postwar defense industry downsized, Bell consolidated its operations at the Wheatfield plant, near Buffalo. The aircraft factory in Marietta later became

4081-685: The same location. Owen D. Young, who was then GE's general counsel and vice president, through GE, founded the Radio Corporation of America (RCA) in 1919. This came after Young, while working with senior naval officers, purchased the Marconi Wireless Telegraph Company of America , which was a subsidiary of the British company Marconi Wireless and Signal Company. He aimed to expand international radio communications. GE used RCA as its retail arm for radio sales. In 1926, RCA co-founded

4158-505: The time, and GE increased engineering and supplies for the Wind Division and doubled the annual sales to $ 1.2 billion in 2003. It acquired ScanWind in 2009. In 2018, GE Power garnered press attention when a model 7HA gas turbine in Texas was shut down for two months due to the break of a turbine blade . This model uses similar blade technology to GE's newest and most efficient model,

4235-471: The time, with gyro stabilized weapons sighting and a thermionic fire control system. Including the prototype, just 13 Airacudas were produced, and these saw only limited service with the USAAC before being scrapped in 1942. Bell enjoyed much success the following year with the development of the single engine P-39 Airacobra, which 9,588 were built. Putting their previous experience with Allison engines to good use,

4312-596: The transaction were not disclosed, but the sale included US$ 8 billion of on-line deposits and another US$ 8 billion of brokered certificates of deposit. The sale was part of GE's strategic plan to exit the U.S. banking sector and to free itself from tightening banking regulations. GE also aimed to shed its status as a "systematically important financial institution". In September 2015, GE Capital agreed to sell its transportation finance unit to Canada's Bank of Montreal . The unit sold had US$ 8.7 billion (CA$ 11.5 billion) of assets, 600 employees, and 15 offices in

4389-500: The turbine blade issue of the 9FB unit would impact the new HA units. GE was one of the eight major computer companies of the 1960s along with IBM , Burroughs , NCR , Control Data Corporation , Honeywell , RCA , and UNIVAC . GE had a line of general purpose and special purpose computers, including the GE 200 , GE 400 , and GE 600 series general-purpose computers, the GE/PAC 4000 series real-time process control computers, and

4466-542: The two major aircraft builders also based in Buffalo. Fortunately, in 1935 Fleet decided to move Consolidated Aircraft to San Diego , and Bell stayed behind to establish his own company, the Bell Aircraft Company, on 10 July 1935, headquartered in the former Consolidated plant at 2050 Elmwood Avenue in North Delaware area of Buffalo. Bell was the third major aircraft builder to occupy the site. The factory complex

4543-408: The usual designations for American aircraft, the X-1 models were successive (mostly identical) units of the X-1 program: the X-1, X-1A, X-1B, X-1C, X-1D, and X-1E. Bell went on to design and produce several different experimental aircraft during the 1950s. These helped the U.S. Air Force and the National Advisory Committee on Aeronautics (NACA) explore the boundaries of aircraft design, and paved

4620-528: The way for the founding of NASA and the exploration of outer space . The X-2 Starbuster achieved Mach 3 (2,100 mph) and a height of 126,000 ft in 1955, blazing a technological trail for the development of spacecraft. Bell played a crucial role in the development of rocket propulsion after WWII, spearheaded by the likes of some of the most brilliant minds in rocket science like Walter Dornberger (ex-commander of Nazi Germany Peenemünde Army Research Center ) and Wendell Moore. Bell developed and fielded

4697-408: The world's first nuclear-tipped Air-to-Surface cruise missile, the GAM-63 RASCAL in 1957. Wendell Moore developed the Bell rocket belt , utilizing peroxide monopropellant rocket engines. While the rocket belt failed to be commercially developed, the rocket technology proved invaluable in future Bell programs. Bell's crowning achievement in the realm of rocketry was the Agena rocket engine. The Agena

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4774-461: The world's largest engine manufacturers, bypassing the British company Rolls-Royce plc . Some consumers boycotted GE light bulbs, refrigerators, and other products during the 1980s and 1990s. The purpose of the boycott was to protest against GE's role in nuclear weapons production. In 2002, GE acquired the wind power assets of Enron during its bankruptcy proceedings. Enron Wind was the only surviving U.S. manufacturer of large wind turbines at

4851-416: Was a 12,000 lbf bi-propellant rocket that is considered to this day to be one of the most reliable rockets ever built. 360 units were produced starting in the late 1950s and it was responsible for inserting into orbit most of the satellites launched by the United States in the 1960s. Helicopter development began at Bell Aircraft in 1941 with the Bell Model 30 first flying in 1943. Bell Helicopter became

4928-543: Was a major provider of computer time-sharing services through General Electric Information Services (GEIS, now GXS), offering online computing services that included GEnie . In 2000, when United Technologies Corp. planned to buy Honeywell, GE made a counter-offer that was approved by Honeywell. On July 3, 2001, the European Union issued a statement that "prohibit the proposed acquisition by General Electric Co. of Honeywell Inc.". The reasons given were it "would create or strengthen dominant positions on several markets and that

5005-547: Was an experimental concept at the time and the beginning of the business process outsourcing (BPO) industry. GE sold 60% stake in Genpact to General Atlantic and Oak Hill Capital Partners in 2005 and hived off Genpact into an independent business. GE is still a major client to Genpact today for services in customer service, finance, information technology, and analytics. In 2001, GE acquired Spanish-language broadcaster Telemundo and incorporated it into NBC. In 2002, Francisco Partners and Norwest Venture Partners acquired

5082-422: Was an American industrialist and founder of Bell Aircraft Corporation . Bell was born in Mentone, Indiana , and lived there until 1907, when his family moved to Santa Monica, California . He joined his older brother Grover and stunt pilot Lincoln Beachey as a mechanic in 1912. Grover Bell was killed in a plane crash the following year, and Lawrence vowed to quit aviation for good; however, he went to work for

5159-441: Was an American multinational conglomerate founded in 1892, incorporated in the state of New York and headquartered in Boston . The company had several divisions, including aerospace , energy , healthcare , and finance . In 2020, GE ranked among the Fortune 500 as the 33rd largest firm in the United States by gross revenue . In 2023, the company was ranked 64th in the Forbes Global 2000 . In 2011, GE ranked among

5236-457: Was awarded the Society of Automotive Engineers ' Daniel Guggenheim Medal in 1944, and was posthumously inducted into the National Aviation Hall of Fame (1977), the Army Aviation Hall of Fame (1986), and the International Aerospace Hall of Fame (2004). Bell was initiated to the York Rite of Freemasonry ; he was subsequently elevated to the highest degree of Grand Master . General Electric General Electric Company ( GE )

5313-432: Was cleared by the EU in May 2017, and by the United States Department of Justice in June 2017. The merger agreement was approved by shareholders at the end of June 2017. On July 3, 2017, the transaction was completed, and Baker Hughes became a GE company and was renamed Baker Hughes, a GE Company (BHGE). In November 2018, GE reduced its stake in Baker Hughes to 50.4%. On October 18, 2019, GE reduced its stake to 36.8% and

5390-505: Was expected to be completed in 2015. In October 2014, GE announced it was considering the sale of its Polish banking business Bank BPH . Later in 2014, General Electric announced plans to open its global operations center in Cincinnati , Ohio. The Global Operations Center opened in October 2016 as home to GE's multifunctional shared services organization. It supports the company's finance/accounting, human resources, information technology, supply chain, legal and commercial operations, and

5467-435: Was finalized on January 4, 2023. This was followed by the spin-off of GE's portfolio of energy businesses on April 2, 2024, into GE Vernova. Following these transactions, General Electric Company changed its trading name to GE Aerospace, pivoted to aviation, and ceased to exist as a conglomerate. During 1889, Thomas Edison (1847–1931) had business interests in many electricity-related companies, including Edison Lamp Company,

5544-604: Was fired from GE in 1958 by Ralph J. Cordiner for overstepping his bounds and successfully gaining the ERMA contract. Cordiner was strongly against GE entering the computer business because he did not see the potential in it. In 1962, GE started developing its GECOS (later renamed GCOS) operating system , originally for batch processing , but later extended to time-sharing and transaction processing . Versions of GCOS are still in use today. From 1964 to 1969, GE and Bell Laboratories (which soon dropped out) joined with MIT to develop

5621-636: Was incorporated in New York on April 24, 1889. The new company acquired Sprague Electric Railway & Motor Company in the same year. The consolidation did not involve all of the companies established by Edison; notably, the Edison Illuminating Company , which would later become Consolidated Edison , was not part of the merger. In 1880, Gerald Waldo Hart formed the American Electric Company of New Britain, Connecticut , which merged

5698-452: Was incorporated in New York, with the Schenectady plant used as headquarters for many years thereafter. Around the same time, General Electric's Canadian counterpart, Canadian General Electric , was formed. In 1893, General Electric bought the business of Rudolf Eickemeyer in Yonkers, New York , along with all of its patents and designs. Eickemeyer's firm had developed transformers for use in

5775-472: Was originally built in 1916 for the Curtiss Aeroplane & Motor Company , and during World War I had been considered the largest airplane factory in the world. Bell's first military contract followed in 1937 with the development of the ill-fated YFM-1 Airacuda , an unconventional bomber-destroyer powered by two Allison -powered pusher propellers . The YFM-1 incorporated groundbreaking technology for

5852-433: Was said to be the first broadcast to the public in the United States on GE's W2XAD : the pictures were picked up on 1.5 square inches (9.7 square centimeters) screens in the homes of four GE executives. The sound was broadcast on GE's WGY (AM) . Experimental television station W2XAD evolved into the station WRGB , which, along with WGY and WGFM (now WRVE ), was owned and operated by General Electric until 1983. In 1965,

5929-613: Was the first American jet aircraft to fly. Unfortunately, performance was below expectations, roughly on par with contemporaneous propeller-driven aircraft, an outcome generally attributed to the extremely short development timeframe required by the USAAF, as well as the intense secrecy imposed on the project. Design had begun in September 1941, during which time the Bell team was guided mostly by theory, as General Electric would not finish and begin testing

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