General Electric

• 1. The Schenectady Merger

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  On the 24th of April 1892, two rival electrical companies merged to form General Electric. The Edison General Electric Company and the Thomson-Houston Electric Company joined forces in New York state. This consolidation brought together Thomas Edison's lamp manufacturing operations with Charles Coffin's electric railway systems. J.P. Morgan provided the financial backing for this massive corporate structure. The new entity inherited plants from both predecessor firms that continued operating under the GE banner. One plant remained in Schenectady while another operated in East Cleveland. By 1896, the company had become one of twelve original components listed on the Dow Jones Industrial Average.

• 2. Wartime Engines And Broadcast Networks

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  During World War II, General Electric supplied three hundred thousand turbosuperchargers for fighter and bomber engines. The U.S. Army Air Corps selected GE to develop the nation's first jet engine based on Whittle W.1 designs demonstrated in 1941. Owen D. Young founded the Radio Corporation of America in 1919 as GE's retail arm for radio sales. In 1927, Ernst Alexandson made the first television broadcast reception demonstration at his home on Adams Road in Schenectady. That same year, he transmitted pictures to four executives viewing them on screens measuring just 1.5 square inches each. By 1930, GE faced antitrust charges and was ordered to divest RCA. The company later reacquired RCA in December 1985 for $6.28 billion to gain ownership of NBC.

• 3. Welch Expansion And Financial Services

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  Jack Welch served as CEO from 1981 until 2001, transforming GE into a financial powerhouse. Under his leadership, GE Capital expanded into consumer finance, equipment leasing, and mortgage banking. The company acquired Kidder Peabody & Co. in 1986 before selling it to PaineWebber in 1994 after heavy losses. Jeff Immelt took over as CEO in 2001 and continued expanding financial operations. In 2004, GE bought 80% of Vivendi Universal Entertainment to form NBCUniversal. By 2015, GE Capital held US$8.5 billion of loans across senior housing and medical devices sectors. The firm aimed to exit U.S. banking regulations by selling its online deposit platform to Goldman Sachs in August 2015.

• 4. Accounting Scandals And River Cleanup

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  In 1983, New York State Attorney General Robert Abrams filed suit against GE regarding water pollution. The company had dumped more than one hundred thousand tons of chemicals into the Hudson River between 1947 and 1977. A $250 million settlement was reached in 1999 for PCB contamination of the Housatonic River near Pittsfield. Harry Markopolos accused GE of being a bigger fraud than Enron on the 15th of August 2019, alleging $38 billion in accounting irregularities. The Securities and Exchange Commission issued a Wells notice on the 6th of October 2020, stating possible civil action for securities law violations. Kansas Insurance Department required GE to make $14.5 billion capital contributions during a seven-year period ending in 2024 due to insufficient reserves for long-term care policies.

• 5. The Final Three-Way Split

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  On the 9th of November 2021, Larry Culp announced that General Electric would divide itself into three public companies by 2024. GE HealthCare became independent on the 4th of January 2023, with GE retaining 10.24% shares initially. GE Vernova launched as an energy company on the 2nd of April 2024, combining renewable power and digital solutions. GE Aerospace emerged as the legal successor holding the original name and ticker symbols. The conglomerate had previously sold its appliance division to Haier for $5.4 billion in May 2017. John Flannery divested locomotive and lighting businesses before Culp's final restructuring plan took effect. By mid-2024, the old General Electric ceased to exist as a multi-industry corporation.