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77-498: Construction of the Philo Power Plant began in 1922 with the plant designed by Sargent & Lundy. Philo began commercial generation with Unit 1 in 1924. This unit initially had a nameplate capacity of 35 MW from General Electric 's curtis turbine , but was raised to 40 MW after performing well on its test run. The turbine had a maximum pressure of 600 psi (4,100 kPa) and temperature of about 725 °F (385 °C). It

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

231-541: A GE investment of $ 40 million to develop diagnostic equipment for use in head trauma injuries, and GE's participation in a separate $ 20 million effort to develop safer helmets and other equipment. The GE Foundation has been praised for its charitable contributions under Immelt's leadership. Immelt has returned to his hometown High School, Finneytown, to contribute to the Finneytown Schools Education Foundation. The Foundation established

308-552: A Ponzi Scheme run by Bernard Madoff , accused General Electric of being a "bigger fraud than Enron," alleging $ 38 billion in accounting fraud. GE denied wrongdoing. On October 6, 2020, General Electric reported it received a Wells notice from the Securities and Exchange Commission stating the SEC may take civil action for possible violations of securities laws. Jeff Immelt Jeffrey Robert Immelt (born February 19, 1956)

385-526: 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

462-431: A director privately told him he had no chance at getting the job. On February 7, 2018, Immelt became the executive chairman of the board at athenahealth , a private American health care company that provides network-enabled services for point-of-care mobile apps. Immelt joined the board of directors of Radiology Partners two weeks later. On June 6, 2018, Immelt was named executive chairman of athenahealth. Athenahealth

539-577: 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,

616-565: 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

693-507: 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

770-541: 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

847-404: A nameplate capacity of 85 MW. Philo Unit 6 was the nation's first commercial supercritical steam generator . The unit began commercial generation in 1957 with nameplate capacity of 120 MW. Its steam generator, designed and built by Babcock & Wilcox , had a maximum pressure of 4,500 psi (31,000 kPa) and an operating temperature of about 1,150 °F (621 °C). Its steam turbine

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924-478: A net increase of 37,000. Employment had dropped from 315,000 in 2002 to 307,000 in 2013. Immelt's executive compensation has fluctuated significantly throughout his managerial career. As CEO of General Electric in 2007, Immelt received a total compensation of $ 14,209,267. In 2008, he received a total compensation of $ 5,717,469. In 2009, Immelt received a total compensation of $ 5,487,155. In 2010, Immelt's compensation nearly tripled to $ 15.2 million. Immelt had

1001-741: A total five year compensation of $ 53.82 million through 2011, an income which ranked sixth among executives employed by US-based conglomerates. Some components of his total compensation package over the years have been newsworthy. In some years he was granted stock options at $ 0, and in other years he was paid no bonus. In 2014 his compensation totalled $ 18.8 million, a decrease from his 2013 compensation of $ 25.8 million. That 2013 compensation had risen 20% over his 2012 compensation of $ 20.6 million. On June 12, 2017, GE announced that Immelt would retire as CEO and would be replaced by John L. Flannery . Immelt stepped down in October 2017. Immelt

1078-535: Is an American manufacturing executive working as a venture partner at New Enterprise Associates . He previously was the CEO of General Electric from 2001 to 2017, and the CEO of GE's Medical Systems division from 1997 to 2000. Immelt's tenure saw GE's largest divestments in the company's history, as the company sold almost two-thirds of its subsidiaries and assets. Immelt was born on February 19, 1956, in Cincinnati ,

1155-561: Is committed to diversity ...[because] ... it's the only way to do business right ... [GE is] committed to employing a diverse workforce with the most innovative minds in the world." Immelt was appointed to the President's Economic Recovery Advisory Board in 2009 and appointed chairman in 2011. The council met four times, ending on January 17, 2012. Jeff Immelt has earned significant honors throughout his career, beginning with his graduation from Dartmouth cum laude and earning

1232-513: 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

1309-559: 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

1386-497: 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

1463-566: 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

1540-543: 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

1617-859: The September 11 attacks took place which cost GE's insurance division $ 600 million, killed two employees and directly affected the company's Aircraft Engines sector. After becoming CEO, Immelt offered an expanded set of financial reports in addition to GE's traditional format. Immelt participated actively in mergers and acquisitions, purchasing Amersham PLC for $ 9.5 billion in 2004 and Alstom's power business for approximately €12.4  billion in 2015. Immelt sold GE's plastics business for $ 11.6 billion in 2007, NBC Universal for $ 8 billion in 2013, and GE's appliances business for $ 3.3 billion in 2014. In 2015, GE announced it would sell its real estate holdings for $ 26.5 billion and most of GE Capital's assets. During Immelt's tenure as CEO,

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1694-562: 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

1771-709: 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 the Fortune 20 as the 14th most profitable company, but later very severely underperformed

1848-626: 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

1925-399: 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

2002-639: 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

2079-552: The Earl Hamilton Varsity Award, as a college football player, for friendship and character. Later in 2002, he received the Robert Fletcher Award from Dartmouth's Thayer School of Engineering. Barron's has named Immelt one of the "World's Best CEOs" three times; other outlets have criticized his performance. He is a member of The American Academy of Arts & Sciences. The Financial Times named him "Man of

2156-643: The Federal Reserve while not paying federal income taxes became a political issue in the 2016 presidential campaign, although GE did pay taxes in other jurisdictions. At the end of 2012, over $ 100 billion had been kept offshore to avoid a special federal repatriation tax. In 2015, GE announced a repatriation program for part of its cash balances. In 2016, GE moved its headquarters from Connecticut to Massachusetts, citing Connecticut's tax increases. Immelt had an empty private jet following his own private jet, in case there were delays with his primary jet. At

2233-583: The Jeff Immelt Award for leadership in football. Immelt was chairman of The Business Council from 2005 to 2006. Immelt was as a member of the board of the Federal Reserve Bank of New York from 2006 to 2011. As one of America's top CEOs, Immelt has been a leading proponent of diversity in the work place, saying "If you're serious about ... making the world work better, the only discriminating factor should be excellence. In other words, GE

2310-547: The Leonardo International Prize "as a foreigner who reinforced his country's cultural and economic ties with Italy." On 24 December 2015, Immelt was ranked by the British online business blog and magazine Richtopia at number 50 in the list of 500 Most Influential CEOs. In 2017, Immelt was honored with an Edison Achievement Award for his commitment to innovation throughout his executive managerial career. Immelt

2387-483: The Philo Power Plant was demolished, the rotors from the turbine from Unit 6 were utilized in a sculpture created by George Greenamyer . The sculpture was unveiled in October 1983 as a part of a landscape design project for the newly built AEP Building located in Columbus, Ohio . General Electric General Electric Company ( GE ) was an American multinational conglomerate founded in 1892, incorporated in

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2464-524: 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

2541-520: 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

2618-538: The Year" in 2003. Immelt was named to Time magazine 's 100 most influential people in the world in 2009. In 2009, Immelt won the Oslo Business for Peace Award, an award chosen by winners of the  Nobel Prizes  in  Economics  and  Peace  and given to managerial executives in the private sector who have demonstrated transformative and positive change through ethical business practices. Immelt

2695-443: 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

2772-455: 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

2849-792: 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

2926-562: 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

3003-404: 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

3080-505: The company's financial performance suffered considerably, as shares of GE dropped 30 percent, while the S&;P 500 rose by 134% over the same period of time, which had led to suspicions of his managerial competencies to be called into question when running the day-to-day operations of the corporation. GE restated its earnings in 2005 and agreed to pay the SEC $ 50 million to settle allegations of accounting fraud in 2009. GE received aid from

3157-620: 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

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3234-522: 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

3311-509: 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

3388-448: The end of 2001 when Immelt replaced Jack Welch , GE employed 219,000 worldwide and 125,000 in the US, as reported in its SEC Form 10K for 2001. GE's SEC Form 10K for 2014 states that worldwide employment is 305,000, and US employment is 136,000. These employment levels have varied significantly under Immelt. General Electric year end employment has varied from 273,000 in 2010 to 305,000 in 2014,

3465-426: 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

3542-633: 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

3619-495: 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

3696-643: 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

3773-452: 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

3850-545: 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

3927-552: 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

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4004-518: The plant maintained a thermal efficiency of 24% consuming 14,000 BTU . Coal used by the plant came by either rail or river barge. Most of the coal burned at Philo was mined within the State of Ohio with some coal coming from West Virginia. Water was sourced from the Muskingum River with its intake being above a dam and was discharged below the dam. At the time of its deactivation, 203 employees worked at

4081-410: The plant. Philo was deactivated on May 31, 1975. The company cited declining electricity demand during the 1973–75 recession and the facility being surpassed by newer, more efficient power plants. The plant went on standby following deactivation with a single unit used to regulate voltage. Ohio Power remained optimistic that Philo would be reactivated. The plant was eventually demolished in 1983. After

4158-509: 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

4235-405: The role. Immelt is also an active philanthropist. He is on the board of two non-profit organizations . He was a Charter Trustee of his alma mater , Dartmouth, from 2008 to 2016. He has also served Dartmouth on its Alumni Council and as a class officer. Immelt has spoken about the benefits of football to his career. He announced a series of initiatives with NFL Commissioner Goodell including

4312-635: 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

4389-508: The son of Donna Rosemary (née Wallace), a school teacher, and Joseph Francis Immelt, who managed the General Electric Aircraft Engines Division . Immelt attended Finneytown Secondary Campus . There he captained the football and basketball teams. In college he played football and was an offensive tackle. He earned an A.B. in applied mathematics and economics cum laude from Dartmouth College in 1978. He

4466-505: 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,

4543-596: 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

4620-500: 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

4697-461: 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

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4774-599: 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

4851-597: 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

4928-400: Was awarded the 2014 American Football Coaches Association Tuss McLaughry Award, given to a distinguished American (or Americans) for the highest distinction in service to others. In accepting the award, he said "I am a product of football and I owe a great debt of gratitude to that system. What I learned playing football enters my life every day." In April 2015, Immelt won the 20th edition of

5005-644: 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

5082-421: Was designed and built by General Electric that made 3,600 rpm. The unit was able to demonstrate operations at ultrasupercritical levels, but due to the lack of metals able to tolerate the extreme temperatures, the levels were unsustainable. To support the new unit, a 183 ft (56 m) smokestack was erected. The total cost to construct Philo Unit 6 was approximately $ 19.5 million. When Philo began operations,

5159-505: 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

5236-435: 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,

5313-604: 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

5390-636: 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

5467-452: 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

5544-405: Was initially a top candidate to become CEO of Uber , replacing founder Travis Kalanick . He was initially Kalanick's favorite for the post, in part because he was still open to Kalanick still having a significant role. However, Immelt's presentation before the board was poorly received; one director called it "a bad joke," and even Kalanick soured on him. Immelt withdrew from consideration after

5621-524: Was later acquired by Veritas Capital in 2019. Immelt became a board member of Tuya Smart in September 2019. Immelt attended the Consumer Electronics Show in 2020 on behalf of Tuya Smart. On June 30, 2020, Immelt was announced as an advisor to Built Robotics , a company develops vehicular automation hardware and software. He joined Eric Sellman, Vice President of Civil at Mortenson, in

5698-519: Was later offered to work for Morgan Stanley , which he declined. Instead, he wanted to work for General Electric like his father. Immelt joined General Electric in 1982, working in GE's plastics, appliances, and healthcare businesses. He became a GE corporate officer in 1989, joined the GE Capital board in 1997 and took the reins of the corporate leadership of GE Healthcare before assuming his position as CEO in 2001. Four days after Immelt became CEO,

5775-486: Was president of his fraternity, Phi Delta Alpha . During his years at Dartmouth he worked summers on a Ford assembly line in Cincinnati; after graduating he worked for Procter & Gamble , where he shared a cubicle with Steve Ballmer , who went on to become CEO of Microsoft . He obtained an MBA from Harvard Business School in 1982 and described business school as "one of the most intense times of your life." He

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,

5929-430: Was the first unit in the country that utilized steam reheat . Unit 1 was decommissioned and replaced by Unit 6 in 1957. Unit 2 was completed in 1925 and also had a nameplate capacity of 40 MW. The total cost of both units was $ 10 million. Unit 3 was completed in 1929 with a nameplate capacity of 165 MW. The total cost to construct Unit 3 was $ 17 million. Units 4 and 5 were completed in 1941 and 1942 respectively and each had

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