Around the same time, General Electric's Canadian counterpart, Canadian General Electric, was formed. The General Electric business was incorporated in New York, with the Schenectady plant used as headquarters for many years thereafter. The original plants of both companies continue to operate under the GE banner to this day. 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. In 1887, Hart left to become superintendent of the Edison Electric Company. In 1880, Gerald Waldo Hart formed the American Electric Company of New Britain, Connecticut, which merged a few years later with Thomson-Houston Electric Company, led by Charles Coffin. 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. The new company acquired Sprague Electric Railway & Motor Company in the same year. Drexel financed Edison's research and helped merge several of Edison's separate companies under one corporation forming Edison General Electric Company, which was incorporated in New York on April 24, 1889. In 1889, Drexel, Morgan & Co., a company founded by J.P. Morgan (1837–1913) and the Vanderbilt family. įurther information: General Electric timeline Formation General Electric in Schenectady, New York, aerial view, 1896 Plan of Schenectady plant, 1896 General Electric Building at 570 Lexington Avenue, New Yorkĭuring 1889, Thomas Edison (1847–1931) had business interests in many electricity-related companies, including Edison Lamp Company, 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. Following these transactions, GE will be an aviation-focused company, renaming itself as GE Aerospace, and will be the legal successor of the original GE. This will be followed by the spin-off of GE's portfolio of energy businesses which plan to become GE Vernova in 2024. The first spin-off of GE HealthCare was finalized on January 4, 2023, with GE holding 19.9% of shares. The new companies will be focused on aerospace, healthcare, and energy (renewable energy, power, and digital). On July 18, 2022, GE unveiled the brand names of the companies it will create through its planned separation: GE Aerospace, GE HealthCare and GE Vernova. On November 9, 2021, the company announced it would divide itself into three investment-grade public companies. Two employees of GE – Irving Langmuir (1932) and Ivar Giaever (1973) – have been awarded the Nobel Prize. In 2011, GE ranked among the Fortune 20 as the 14th most profitable company, but later very severely underperformed the market (by about 75%) as its profitability collapsed. In 2020, GE ranked among the Fortune 500 as the 33rd largest firm in the United States by gross revenue. The company operates in aerospace, power, renewable energy, digital industry, additive manufacturing, and venture capital and finance. General Electric Company ( GE) is an American multinational conglomerate founded in 1892 and incorporated in the state of New York and headquartered in Boston.
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