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2024-03-30 12:29:54

General Electric

American multinational conglomerate founded in 1892
American multinational conglomerate founded in 1892
General Electric, founded in 1892, was a major American conglomerate with divisions in aerospace, energy, healthcare, and finance. It ranked among the top firms in the US by revenue and underwent significant restructuring in the 21st century.
1878-01-01
The company begins
In 1878, Thomas Edison forms the Thomas Edison Light Company with the main focus on making lightbulbs. The company's name was later changed.
1879
Incandescent Light Bulb
GE developed the incandescent light bulb in 1879, which was one of the notable innovations in the company's history.
1882
First Commercial Power Station
In 1882, GE established the nation's first commercial power station, marking a significant milestone in the history of electrical power.
1889
Formation of Edison General Electric
In 1889, Thomas A. Edison's company joined with two others to create Edison General Electric, marking the beginning of one of the most renowned conglomerates in the United States.
1890
Founding of Edison General Electric Company
General Electric was originally founded in 1890 as the 'Edison General Electric Company'.
1892-01-01
GE is born
On January 1, 1892, the Edison Electric Light Company merges with Thompson-Houston Company to establish General Electric.
1893
Giant Electric Locomotive
GE introduced the giant electric locomotive in 1893, showcasing its advancements in transportation technology.
1894
GE's Venture into Power Transmission
In 1894, General Electric began its first venture into power transmission with the opening of the Redlands-Mill Creek power line in California and constructing a massive power-transmission line at Niagara Falls.
1896
General Electric Listed on Dow Jones Industrial Average
By 1896, General Electric became one of the original 12 companies listed on the Dow Jones Industrial Average.
1900
Establishment of First US Research Laboratory by GE
In 1900, General Electric established the first laboratory in the United States solely dedicated to scientific research.
1902
Invention of First Electrical Fan by GE
In 1902, General Electric invented the first electrical fan.
1905
Formation of The Electric Bond and Share Co.
In 1905, The Electric Bond and Share Co. was established as the precursor to GE Commercial Finance, aiming to offer financial support to small utility firms.
1905
General Electric acquires 51% of Tokyo Denki
In 1905, General Electric acquired 51% of Tokyo Denki, a Japanese company. This acquisition was a significant step in introducing Western technology into Japan.
1906-12-24
First Voice Radio Broadcast by RCA
On Christmas Eve in 1906, RCA, a child company of General Electric, made history by conducting the first voice radio broadcast. This event marked a significant milestone in the history of communication technology.
1908
Development of Tungsten Filaments
In 1908, William Coolidge, a researcher for General Electric, successfully drew tungsten into thin wires, leading to the creation of more durable light bulbs that could be utilized in various applications.
1909
Development of Ductile Tungsten Filament
In 1909, the ductile tungsten filament was developed, improving Edison's incandescent lamp design and increasing efficiency. This innovation is still utilized in modern light bulbs.
1910
Manufacture of Hotpoint Electric Stove
In 1910, GE manufactured the 'Hotpoint', which was the first electric stove. This marked a significant advancement in kitchen technology.
1910
General Electric acquires 24% of Shibaura Seisakusho
In 1910, General Electric acquired 24% of Shibaura Seisakusho, another Japanese company. This strategic move further strengthened the connection between the companies and facilitated the introduction of Western technology in Japan.
1911
General Electric absorbs National Electric Lamp Association
In 1911, General Electric absorbed the National Electric Lamp Association (NELA) into its lighting business, establishing its headquarters at Nela Park in Ohio.
1912
Ernst Alexanderson's Radio Innovation
In 1912, a radical branching of GE's activities occurred when Ernst Alexanderson, a GE employee, was approached by a radio pioneer looking to expand the range of wireless sets into higher frequencies.
1917
Production of Hermetically Sealed Home Refrigerators
In 1917, GE began production of the first hermetically sealed home refrigerators. This design innovation revolutionized food preservation in households.
1918
Invention of Magnetron by GE's Albert Hull
In 1918, GE's Albert Hull invents the Magnetron, a revolutionary vacuum tube that played a crucial role in the development of radar systems during World War II and later became essential in microwave technology.
1919
Formation of the Radio Corporation of America (RCA)
In 1919, the Radio Corporation of America (RCA) is established through a collaboration between General Electric and American Telephone and Telegraph. This partnership marked a significant milestone in the history of communication and broadcasting.
1920
Introduction of Affordable Electric Refrigerator
In the late 1920s, General Electric introduced the first affordable electric refrigerator.
1922
Owen D. Young becomes Chairman of General Electric
In 1922, Owen D. Young assumed the role of chairman at General Electric. He advocated for closer collaboration between businesses and the government, as well as corporate self-regulation under government oversight.
1927
First Home Television
GE introduced the first home television in 1927, revolutionizing entertainment in households.
1930-01-01
General Electric introduces technology for public
In 1930, General Electric initiated the process of developing technology for the general public, such as the first electric toaster for the average American. Additionally, GE pioneered radio broadcasting, enabling faster information sharing among people.
1932
Foundation of GE Credit Corporation
In 1932, GE Credit Corporation was founded, later evolving into GE Consumer Finance, providing companies the option to buy General Electric appliances on credit.
1938
Invention of Fluorescent Lamp by GE
In 1938, General Electric (GE) invented the fluorescent lamp, adding to their long history of innovations in lighting technology and design.
1939
Invention of 'Invisible' Glass by GE
In 1939, General Electric (GE) developed 'invisible' glass, a non-reflecting glass that has since been used in camera lenses and optical devices.
1940
GE starts silicone business
In 1940, General Electric (GE) began its silicone business by creating new silicone chemistry, which is still utilized in a diverse range of products and applications today.
1941
Commercial Jet Engines
GE's development of commercial jet engines in 1941 marked a significant advancement in aviation technology.
1942
Development of the first American Jet Engine
General Electric engineered the first American jet engine, marking a significant advancement in aviation technology.
1943
GE engineers invent autopilot
In 1943, engineers at General Electric (GE) created the autopilot, a mechanism intended to maintain an aircraft on a set course continuously.
1945
GE demonstrates first commercial use of radar
In 1945, General Electric showcased the first commercial application of radar technology, enabling ships to safely navigate in the dark and detect potential dangers up to 20 miles away.
1955
GE Research Lab creates first artificial diamonds
In 1955, General Electric Research Laboratory announced the successful production of the first synthetic diamonds, primarily intended for industrial purposes.
1956-01-01
First Jet Engine by GE
General Electric creates the first jet engine which later becomes the most produced jet engine in history.
1957
Nuclear Power
In 1957, GE ventured into nuclear power, contributing to the energy sector's technological evolution.
1958
Firing of Homer Oldfield from GE
Homer Oldfield was fired from GE in 1958 by Ralph J. Cordiner for overstepping his bounds and successfully gaining the ERMA contract. Cordiner was against GE entering the computer business.
1959
GE accused of promoting illegal cartel
In 1959, General Electric faced accusations of involvement in an illegal cartel to maintain high prices, resulting in convictions and revealing the impact of white-collar crime.
1961
GE Pleads Guilty to Price Fixing
In 1961, General Electric pleaded guilty to price fixing on electrical equipment and was fined nearly half a million dollars.
1962
Laser Lights
GE introduced laser lights in 1962, showcasing its innovation in optical technology.
1963-01-01
First Toaster Oven by GE
GE introduces the first toaster oven, revolutionizing cooking for single adults by allowing them to cook more food in various ways.
1965
GE expands into cable television
In 1965, General Electric ventured into cable television with the launch of a franchise, expanding its media holdings.
1968
Development of Delta electric car by GE Research and Development Center
In 1968, GE Research and Development Center led by Bruce Laumeister developed the experimental Delta electric car, showcasing early environmental work and research by GE.
1969-07-20
First Moon Landing
Neil Armstrong takes his first step on the moon wearing GE rubber silicon boots.
1970
Sale of GE's Computer Division to Honeywell
In 1970, GE sold its computer division to Honeywell, exiting the computer manufacturing industry. However, it retained its timesharing operations for some years afterwards.
1973
Ivar Giaever awarded Nobel Prize
In 1973, General Electric (GE) employee Ivar Giaever received the Nobel Prize for his contributions.
1976
Medical Devices
GE delved into medical devices in 1976, enhancing its presence in the healthcare industry.
1981
Jack Welch Becomes CEO
Jack Welch became the youngest chair and CEO of GE in 1981, initiating a transformative era for the company.
1985-12
GE reacquires RCA Corporation
In December 1985, GE reacquired the RCA Corporation to gain ownership of the NBC television network, making it the largest non-oil merger in world business history.
1986
Acquisition of RCA Corporation
Under Welch's leadership in 1986, GE acquired the RCA Corporation, including the NBC television network, expanding its media presence.
2000
Attempted Acquisition of Honeywell by GE
In 2000, GE made a counter-offer to buy Honeywell, which was approved by Honeywell. However, the European Union later prohibited the acquisition citing competition concerns.
2001
GE's Height and Fall from Grace
Between 2001 and 2019, GE experienced significant growth and subsequent decline, facing challenges in various business sectors.
2001
General Electric CEO Appointment
Jeff Immelt became the CEO of General Electric in 2001.
2002
Acquisition of Enron's wind power assets
In 2002, General Electric acquired the wind power assets of Enron during its bankruptcy proceedings, strengthening its position in the renewable energy sector.
2004
GE acquires Vivendi Universal Entertainment and Genworth Financial
In 2004, GE bought 80% of Vivendi Universal Entertainment, parent of Universal Pictures, and completed the spin-off of its mortgage and life insurance assets into Genworth Financial.
2005-05
Launch of Ecomagination program by GE
In May 2005, GE introduced the Ecomagination program aimed at developing clean technology solutions like solar energy, hybrid locomotives, and water purification, reflecting GE's commitment to environmental sustainability.
2007
GE acquires Smiths Aerospace and Vetco Gray
In 2007, GE acquired Smiths Aerospace for $4.8 billion and Vetco Gray for $1.9 billion in the oil & gas sector.
2008
Financial Crisis Impact
The 2008 financial crisis had a substantial impact on GE, leading to a significant decrease in share price and restructuring efforts.
2009-12-03
NBCUniversal joint venture with Comcast
On December 3, 2009, NBCUniversal became a joint venture between GE and Comcast, with Comcast holding a controlling interest.
2010
Release of LED Bulbs
In 2010, General Electric introduced LED bulbs that were significantly more energy-efficient, consuming 77 percent less energy and boasting a lifespan of 22 years.
2011-05-26
Unveiling of EV Solar Carport by GE
In May 26, 2011, GE unveiled the EV Solar Carport, a structure incorporating solar panels on its roof and electric vehicle charging stations underneath, demonstrating GE's innovation in sustainable energy solutions.
2011-06-06
Licensing of solar thermal technology from eSolar by GE
On June 6, 2011, GE announced the licensing of solar thermal technology from California-based eSolar for use in power plants combining solar and natural gas, showcasing GE's commitment to clean energy solutions.
2012
Rebranding of GE
In 2012, GE's brand was valued at $28.8 billion. CEO Jeff Immelt initiated changes in the brand's presentation, including a new corporate color palette, modifications to the logo, a new customized font, and a new slogan 'Imagination at work'.
2013-03-19
Comcast buys GE's shares in NBCU
On March 19, 2013, Comcast bought GE's shares in NBCUniversal for $16.7 billion, ending GE's stake in television and film media.
2014
GE in talks to acquire Alstom's global power division
In April 2014, GE was in talks to acquire Alstom's global power division for around $13 billion, competing with a joint bid from Siemens and Mitsubishi Heavy Industries.
2015-09-14
Formation of GE Digital
On September 14, 2015, GE announced the creation of a new unit called GE Digital, which aimed to bring together its software and IT capabilities under the leadership of Bill Ruh.
2016-10
Negotiations for GE Oil & Gas and Baker Hughes merger
At the end of October 2016, GE was under negotiations for a $30 billion deal to combine GE Oil & Gas with Baker Hughes, creating a publicly traded entity controlled by GE.
2017-07-03
Completion of Baker Hughes merger
On July 3, 2017, the merger between GE Oil & Gas and Baker Hughes was completed, forming Baker Hughes, a GE Company (BHGE).
2018-06-28
GE Removed from Dow Jones Industrial Average
On June 28, 2018, GE was removed from the Dow Jones Industrial Average after the value dropped below 1% of the index's weight.
2019-02-25
GE sells diesel locomotive business to Wabtec
On February 25, 2019, General Electric completed the sale of its diesel locomotive business to Wabtec, as part of its strategic restructuring efforts.
2019-08-15
Harry Markopolos accuses General Electric of accounting fraud
On August 15, 2019, Harry Markopolos, known for uncovering the Bernie Madoff Ponzi Scheme, accused General Electric of a $38 billion accounting fraud, comparing it to Enron. GE denied the allegations.
2020-07-01
Acquisition of GE Lighting by Savant Systems
On July 1, 2020, GE Lighting was acquired by Savant Systems and remains headquartered at Nela Park in East Cleveland, Ohio.
2020-10-06
General Electric receives Wells notice from SEC
On October 6, 2020, General Electric disclosed receiving a Wells notice from the Securities and Exchange Commission, indicating possible civil action for securities law violations.
2020-12-31
GE's Carbon Footprint Report
General Electric Company reported Total CO2e emissions for the twelve months ending 31 December 2020 at 2,080 Kt, showing a declining trend in reported emissions since 2016.
2021-07-30
General Electric completes reverse stock split
On July 30, 2021, General Electric executed a reverse stock split at a ratio of 1-for-8, affecting its common stock trading and ISIN number.
2021-11-09
GE announces division into three public companies
On November 9, 2021, General Electric (GE) announced its decision to divide itself into three public companies, focusing on aerospace, healthcare, and energy sectors.
2022-03-03
Donation of $4.5 million to Ukraine by GE
On March 3, 2022, GE pledged to donate $4.5 million to Ukraine for medical equipment, emergency cash for refugees, and support for Airlink, showcasing GE's charitable contribution during the Russian invasion.
2022-07-18
GE unveils brand names for new companies
On July 18, 2022, General Electric (GE) revealed the brand names of the companies resulting from its planned separation: GE Aerospace, GE HealthCare, and GE Vernova, each focusing on specific sectors.
2023-01-04
First spin-off of GE HealthCare
On January 4, 2023, General Electric (GE) completed the first spin-off of GE HealthCare, retaining a portion of shares with plans to sell the rest over time.
2024
Planned spin-off of GE's energy businesses
In 2024, General Electric (GE) intends to spin off its portfolio of energy businesses to create GE Vernova, focusing on renewable energy, power, and digital sectors.
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General Electric

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General Electric

American multinational conglomerate founded in 1892
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