7 Interesting Facts About General Electric
General Electric (GE) has become a multinational conglomerate synonymous with light bulbs and refrigerators. It has been a hot news topic over the last week. GE plans to move its global headquarters from New York to the city’s sports rival town of Boston, and will be cutting 6,500 jobs in Europe.
Because General Electric is such a recognizable brand, let’s take a look some interesting facts about the company that some people may not know.
1.Incorporated April 24, 1889 in a merger of Thomas Edison’s three electric companies.
These three electric light manufacturing companies were Edison Lamp Company, Edison Machine Works, and Bergmann & Company. This was not the only merger to eventually form GE. After the aforementioned one, those three merged with the patent-holding company, Edison Electric Light Company. That company then acquired the Sprague Electric Railway and Motor Company, and on April 15, 1892, it merged with the Thomson-Houston Electric Company, another electrical manufacturer, to then form the General Electric Company.
2.One of original 12 companies to debut on the Dow Jones back on May 26, 1896.
The other 11 companies: American Cotton Oil, American Sugar, American Tobacco, Chicago Gas, Distilling & Cattle Feeding, Laclede Gas, National Lead, North American, Tennessee Coal and Iron, U.S. Leather pfd., and U.S. Rubber. At the time, these companies represented each sector of the market. Due to this, the Dow Jones illustrated the overall performance of the market in the United States.
(Also read "7 Fun Facts About the Dow Jones Industrial Average")
3.The company's founder, Thomas Edison, electrocuted animals to help generate more sales of his brand of electricity.
Edison wanted to put his competitors, primarily Westinghouse Electric who installed alternating current, out of business. Edison’s companies installed direct current. To demonstrate the drawbacks of alternating currents, Edison electrocuted Topsy the elephant.
4.The GE conglomerate consists of eight subsidiaries in different industries.
These subsidiaries are: GE Aviation, GE Capital, GE Global Research, GE Healthcare, GE Home & Business Solutions, GE Oil & Gas, GE Power & Water, and GE Transportation
5.Company was once majority owners of NBC Universal.
By January 28, 2011, General Electric owned 49% and Comcast (CMCSA) owned 51% of the media company. On March 19, 2013, Comcast bought GE's shares in NBC Universal for $16.7 billion.
6. The six reactors in the 2011 Fukushima Nuclear Power Plant catastrophe had been designed by General Electric.
The Mark I reactor design, the primary reactor at Fukushima, had been criticized as far back as 1972.
7.Has been a Fortune 500 company for 21 years.
The company is currently ranked ninth on the list.
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