Overview
General Electric Company (GE, NYSE: GE), or Kiwi, is the world's largest multinational corporation in the business of providing technology and services. According to the statistics of 2007, GE's sales revenue is 172.738 billion dollars, is the world's second largest company with market assets2, and in the past four years sales revenue has been located in the world's first or second. GE is a multinational company in the company's diversified development, the more outstanding. Currently, the company has operations in more than 100 countries and employs 315,000 people. The current chairman and chief executive officer (CEO) is Jeff Immelt.
General Electric (GE,General Electric)
General Electric Company Profile
General Electric Company (GE) is the world's largest diversified service company and a provider of high-quality, high-technology industrial and consumer products. From aircraft engines and power generation to financial services, from medical imaging to television programs to plastics, GE is committed to creating a better life through its many technologies and services.GE operates in more than 100 countries and employs nearly 300,000 people worldwide. Mr. Jeff Immelt has served as Chairman and Chief Executive Officer of GE since September 7, 2001, succeeding Jack Welch.
General Electric traces its history back to Thomas Edison, who founded the Edison Electric Light Company in 1878, and to the merger of the Edison General Electric Company and the Thompson-Houston Electric Company in 1892 to form the General Electric Company (GE), the only company to remain on the Dow Jones Industrial Average since its inception in 1896.
GE Business Groups: 7 engines of growth generating 85% of profits, market leaders with strong strengths in technology, cost, services, global distribution, and capital efficiency: Consumer Finance Group, Business Finance Group, Energy Group, Healthcare Group, Infrastructure Group, NBCUniversal, Transportation Group; 4 cash-growth sites generating sustained cash flow in a growing economy and earnings: the High-Tech Materials Group, the Consumer & Industrial Products Group, the Equipment Services Group, and the Insurance Group.
[edit]Basic information about General Electric Company
General Electric Company of the United States is the largest electrical and electronic equipment manufacturing company in the United States, and in the world, and it accounts for about 1/4 of the entire output of the U.S. electrical industry. General Electric's headquarters is located in Fairfield, Connecticut, U.S.A. GE consists of a number of diversified basic business groups, if ranked separately, there are 13 business groups can be listed in the Fortune 500. This company's electrical products are technologically mature and have a wide range of products, reportedly more than 250,000 varieties of specifications. In addition to producing consumer appliances and industrial electrical equipment, it is also a huge arms contractor, manufacturing aerospace instrumentation, jet aircraft pilot navigation systems, multi-target ballistic missile systems, radar and space flight systems. The American "Industrial Research" magazine held in the United States in 1977 a hundred new products of the year's selection, the United States General Electric Company's new products won the most awards. The world-famous Atlas and Thor rockets, which can carry atomic and hydrogen warheads, are produced by this company.
The electric company was formed in 1892 when Morgan Sr. financed the merger of three companies, Edison General Electric Company and Thomson-Houston International Electric Company. During the two world wars, this company made a fortune in war and gained rapid growth. After World War I, the company dominated the emerging electrotechnical sector, radio, and in 1919 established a subsidiary, the Radio Corporation of America, which virtually monopolized the radio industry in the United States. World War II, in turn, caused General Electric's production and profit margins to soar.
General Electric in the creation of more than 80 years, in various ways, annexed many domestic and foreign enterprises, seized the shares of many enterprises, in 1939, the domestic jurisdiction of the factory only more than three dozen, to 1947 on the increase to 125, the end of 1976 in the country's 35 states * * * has 224 manufacturing plants. Abroad, it gradually merged electrician enterprises in Italy, France, Germany, Belgium, Switzerland, England, Spain, etc. In 1972, the company's subsidiaries abroad included 33 in Europe, 10 in Canada, 24 in Latin America, 11 in Asia, 3 in Australia, and 1 in Africa. By the end of 1976, it has 113 manufacturing plants in 24 countries***, becoming a huge multinational corporation.
General Electric was a big industrial company controlled by the Morgan consortium. It has been in business for decades, seizing huge profits, with strong assets and a large scale, and was ranked ninth among the large U.S. corporations in both 1976 and 1977. According to the statistics of the American "Happiness" magazine on May 8, 1978, the total assets of General Electric Company of the United States in 1977 amounted to 13.696 billion U.S. dollars, with total sales amounting to 17.515 billion U.S. dollars, and the net profit of this year was 1.088 billion U.S. dollars, which accounted for the fifth place among the major U.S. corporations, with the total number of 384,000 employees. The company began to build new plants to produce missiles in 1956 and to supply nuclear weapons to foreign countries. For example, it was engaged in atomic energy, atomic fuel and naval torpedoes in Japan, etc. In 1976, it cooperated with France in the development of turboprops and engines that could be equipped with torpedo submarines or carrier rockets. In 1973 accepted U.S. military orders **** 1.42 billion U.S. dollars, the second largest among the major companies.
[Edit]GE in China
As early as 1906, GE began to develop trade with China, was the most active in China at that time, one of the most influential foreign companies. 1908, GE established the first light bulb factory in Shenyang. 1934, GE bought the Shenchang foreign firm, began to provide the installation of imported electrical equipment and maintenance services in China. In 1979, GE reestablished trade relations with the People's Republic of China, and in 1991, the first joint venture, GE Aviation Medical Systems, was established in Beijing.
To date, all of GE's industrial product groups have operations in China, with more than 12,300 employees, and GE has established more than 50 operating entities. With the gradual opening of the market after China's accession to the WTO, GE's financial business is also actively seeking opportunities for development in China. 2005 GE's sales revenue in China amounted to US$5 billion, and 2007 sales revenue was US$4.4 billion.
Besides business investment, GE is also committed to being a good corporate citizen and actively participates in various public welfare activities, such as setting up scholarships in China's educational institutions. In addition, GE employee volunteer organizations have set up chapters in Beijing, Shanghai, Guangzhou, Dalian, and Hong Kong to actively engage in community service, environmental protection, and other volunteer activities.
GE's six industrial divisions: Business Financial Services, Consumer Finance, Industrial, Infrastructure, Healthcare, and NBCUniversal. Under the GE Money umbrella, GE Consumer Financial Services provides credit services and financial products such as private credit cards, personal loans, bankcards, auto loans and leases, mortgages, group travel and purchase cards, bill consolidation, home equity loans and credit insurance to consumers, retailers and automobile dealers around the world.
[edit]General Electric's organization and management
Continuous reform of the management system
Because of the diversification of GE's operations, the variety of specifications, and the fierce competition in the marketplace, the company was also actively engaged in the reform of the management of the corporate organization.In the early 1950s, the company completely adopted the "decentralized business unit system". ". At that time, the whole company was divided into 20 divisions. Each division operated independently and was accounted for separately. Later with the passage of time, the needs of business operations, the company's organization constantly adjusted. 1963, when Boych (Boych) took over as chairman, the company's organization **** counted into 5 groups, 25 divisions and 110 departments. At that time, the company's sales were in a period of stagnation, with sales of only about $5 billion in five years. After 1967, the company's operations grew rapidly, with sales of $1.6 billion in almost every group group. Porche felt that the original organization was no longer adequate for the expanded business. So he expanded the five groups to 10, the 25 divisions to 50, and the 110 departments to 170. He also reorganized the members of the governing body, assigning 8 new Group General Managers, 33 Division Managers and 100 new Department Heads. A five-member board of directors was also created, whose role is to oversee the entire company and set the basic strategy for the company over the longer term.
New Initiative - Strategic Business Units
In the late 1960s, General Electric was facing stiff competition in the market from Westinghouse Electric, and the company's finances had been swinging in the red. The company's top leaders, in an effort to salvage the crisis, adopted a new strategic measure in the corporate management system in 1971, namely, the establishment of "strategic business units" within business divisions. These "Strategic Business Units" were independent organizational units that could selectively manage certain products separately within the division, so that the division could centralize its human and material resources in a mobile and efficient manner, and prepare a rigorous and predictable strategic plan for various products, sales, equipment and organization. Such "strategic business units" can be on a par with the group; they can also be at the level of divisions, such as Medical Systems, Device Components, and Chemistry and Metallurgy; and some are at the level of departments, such as Tungsten Carbide Tools and Engineering Plastics. General Electric's leadership group attached great importance to the establishment of "strategic business units" as a "very meaningful step" and an "important avenue" for the company's growth. In 1971, the company achieved record sales and profits. The measure did help, as evidenced by the company's rapid growth in the 1960s and mid-1970s. In the 11 years from 1966 to 1976, General Electric's sales doubled from $7.177 billion to $15.697 billion; net profits increased from $339 million to $931 million. Total fixed assets during the same period rose from $2.757 billion to $6.955 billion.
Recentralization - Executive Department System
In the mid-1970s, the U.S. economy stagnated again, General Electric took over as chairman of the board of directors in 1972, Joan (Jones), worried that by the 80s there may be a relatively long-term economic downturn, by the end of 1977 he further Reorganization of the company's management system, from January 1978 to implement the "executive system", that is, "super division system". In this system, "super divisions" were set up on top of each division to govern and coordinate the activities of the divisions, i.e., there was one more level of management on top of the divisions. This has made it possible for the top management organization to reduce its day-to-day workload and to focus on strategic plans for corporate development, while at the same time increasing the flexibility of the company. In the reorganized system, Chairman Jones and the two vice-chairmen form the Executive Board of the supreme governing body, which is in charge of the long-term strategic plan and is responsible for dealing with the government, as well as studying the tax system and other issues. Under the Executive Board were five "executive divisions" (i.e., "super divisions," including Consumer Product Services, Industrial Components, Power Equipment, International, and Technical Equipment and Materials), each headed by a vice president. Each division is headed by a vice president. Under the Executive Division***, there are nine headquarters (groups), 50 business divisions, and 49 strategic business units. While the day-to-day affairs of each division, as well as strategic decisions regarding markets, products, technologies, customers, etc., used to be reported to the top leadership organization of the company, they are now reported to the Executive Departments. The five executive departments, plus the other international companies, are each headed by two vice-chairmen. In addition, three staff departments, finance, personnel and legal, are directly under the chairman.
Establishment of a network system
General Electric Company in the enterprise management of the extensive use of electronic computers, the establishment of a network system, greatly accelerating the efficiency of work. This network system is distributed in 49 states, 65 sales departments, distributed in 11 states, 18 product warehouses, as well as distributed in 21 states, 40 manufacturing departments (*** 53 manufacturing plants) are connected. In the customer calls to order, the sales staff will enter the data into this network system, it automatically carries out the next series of work: such as checking the customer's credit status, and inquires in the nearest warehouse stock of such products, in these two points to get the affirmative answer, the network system at the same time to handle the acceptance of the order, invoicing, registration of the warehouse accounts, if necessary, but also to the factory at the same time to replenish warehouse stock of production scheduling orders. If necessary, also sent to the factory to replenish the warehouse inventory of the production scheduling orders, and then notify the sales staff of the goods required by the customer has been shipped. This entire process can be completed in less than 15 seconds. It's also worth noting that in addition to being fast, the network system actually combines the different functions of sales, inventory management, and production scheduling.
Scientific research organization system
Similarly, the United States General Electric Company also attaches great importance to scientific research, and has a long history. From the second year after the establishment of the company, there is a young German mathematician Steinmetz to engage in scientific research, in 1900 that is the establishment of laboratories. According to the 1970 "American Institute of Industrial Research" reported that the company *** there are 207 research departments, including a research and development centers, 206 product research departments. *** There are more than 17,200 researchers, or 4 percent of the company's total workforce.
In 1973, General Electric had 31,000 professionals with technical degrees, more than half of whom were engaged in research and development.In 1972, the company's total research expenditures exceeded $800 million, of which $300 million was borne by the company and $500 million was spent primarily on research and development work contracted by the U.S. government.
The company's research and development activities are conducted by a team of 207 researchers, including a research and development center and 206 product research departments.
General Electric's scientific research is divided into basic theory and applied research. Its research and development center engaged in these two aspects of the work, but focusing on basic theory research, for the company as a whole, and at the same time the industry **** some of the topics for joint research. This Research and Development Center was formerly a laboratory established by the company in 1900 and was the first industrial laboratory in the United States to engage in basic research. Its founders were a young chemist at the Massachusetts Institute of Technology (MIT), Whitener, and two technicians from General Electric. This laboratory's early research work was mainly in electric light bulbs, X-ray tubes, gate current tubes and related chemical and metallurgical aspects of basic research. During both World Wars, the research laboratory worked on communications and radar devices used in the war effort. At the end of the Second World War, the research staff of the research laboratory was expanded to more than 600 people, and in 1968, the research laboratory was officially named the Research and Development Center, and by 1973*** had a staff of 17,000 people, 325 of whom had Ph.D.'s in physics. Currently, one of the company's vice presidents serves as director of the R&D Center. The R&D Center has two research divisions: the Materials Science and Engineering Division (with four research laboratories) and the Physical Science and Engineering Division (with five research laboratories). In addition, there are three administrative departments:
(1) the Research and Application Department, which consists of four sections, namely, External Liaison, Planning and Analysis, Personnel Research, and Intelligence and Research, and is responsible for the rapid dissemination of the results of the research to the various production divisions of the company, and for the establishment of a wide range of technological contacts outside of General Electric;
(2) the Research Administration Department, which is responsible for the administration of the experimental factories and the service stations, and for the direction of the Accounts Section, the Equipment Section, and the Welfare Section. Section, Equipment Section, and Welfare Section;
(3) the Legal Counsel Department, consisting of eleven persons, which is responsible for the consideration of patents, the evaluation of inventions, and legal matters relating to the application of patents. In addition, the company's 206 product research divisions, on the other hand, are generally located near the product manufacturing plants, with research staffs ranging roughly from a few dozen to a few hundred, focusing on applied research.
[edit]About Welch
Welch joined GE in 1960 and became a junior engineer in Pittsfield, Massachusetts. A year later, bitterly disappointed by the stifling bureaucracy of the company, he wanted to quit for another job, and as his farewell party was about to take place, his young boss, Ruben Gutoff, tried hard to keep him there. Gutoff tried his best to retain him, at the dinner table on Welch launched nearly four hours of persuasion, and finally made him promise to stay and work for GE, on the condition that he would not be hindered by the company's bureaucratic style. Gutoff move for GE to stay one of the greatest leaders in their history. 1968 Welch became the youngest general manager of General Electric. 37 years old, Welch became a group executive, in 1979 as vice chairman. 1981 after nine years of evaluation, Welch succeeded Reginald Jones on the General Electric Company (GE) 8th president, at this time the General Electric has been After 117 years of history.
From 1981, when Welch became president, to 1998, GE has maintained double-digit growth in all major indicators. During this period, GE's annual revenue grew from $25 billion to $100.5 billion, net income rose from $1.5 billion to $9.3 billion, and its workforce was cut from 400,000 to 300,000 employees. By the end of 1998, GE's market value exceeded $280 billion, and it has been ranked among the top five companies on the Fortune 500 for several consecutive years. These 1998 results generated $10 billion in free cash flow, which, coupled with the company's AAA-rated debt premia, enabled it to invest $21 billion in acquiring 108 companies in 1998 to support two of its three companywide initiatives: globalization and services. Globalization and Services. In terms of shareholder gains, neither Bill Gates of Microsoft, Andrew Grove of Intel, Warren Buffett, nor Wal-Mart retailer Sam Walton can match Jack Welch's. GE shareholders have owned more than $17 billion in GE stock through the company's Savings Plan. In 1998, GE stock had a total return of 41% per share; over the past 18 years, GE has given shareholders an average annual return of 24%. 18 years, although many other companies have fallen like dominoes in a tough global economy, and their presidents have changed as often as they have, Welch has always been at the helm of General Electric, and has created one miracle after another in terms of revenues and earnings. The company's revenue and earnings have been one miracle after another.
The company's brand was ranked sixth on the 2006 World Brand Lab's list of the 500 Greatest Brands in the World and second on Barron's 2006 list of the world's 100 most respected companies. The business was ranked 11th on the 2007 Fortune Global 500 ranking of the world's largest companies.
[edit]GM and GE
General Electric Company (General Electric Company) is the world's largest manufacturer of electrical equipment, appliances, and electronic devices, and accounts for about a quarter of all U.S. electrotechnical industry output.
"GM" is the abbreviation of the name of General Motors Company in the United States, from the General Motors Corporation (General Motor Corporation) in English full name of the first two words of the first capital letters.
Honorable mentions
GE is ranked No. 6 on the Fortune U.S. 500 list. GE is ranked No. 12 on the Fortune Global 500.
GE is ranked No. 2 among Fortune's World's Most Admired Companies. GE is ranked No. 3 among Fortune's America's Most Admired Companies.
GE ranked No. 13 on Fortune's World's Most Responsible Companies.
Brands
GE's brand value is $49 billion, making it the 4th most valuable company in the world.
GE's brand slogan is "imagination at work".
Companies
GE Capital GE Aviation Financial Services GE Commercial Finance GE Energy Financial Services GE Finance GE Funds GE Technology Facilities GE Aviation GE Enterprise Solutions GE Healthcare GE Transportation GE Energy Facilities GE Water GE Oil & Gas GE Energy NBCUniversal GE Consumer & Industrial GE Equipment GE Lighting GE Power Distribution