Key Stats
- Founded in 1892 through merger of Edison General Electric and Thomson-Houston Electric
- One of original 12 companies listed on Dow Jones Industrial Average in 1896
- Peak market capitalization reached nearly $600 billion in 2000
- Split into three independent companies: GE Healthcare (2023), GE Vernova (2024), and GE Aerospace (2024)
- Generated $76.6 billion in revenue in 2022 before separation
General Electric was an American multinational conglomerate founded in 1892 and headquartered in Boston, Massachusetts. The company operated in multiple sectors including aerospace, energy, healthcare, transportation, and finance. Founded by Thomas Edison, General Electric became one of America’s most iconic industrial corporations. At its peak in 2000, the company reached a market capitalization of nearly $600 billion. In 2024, General Electric completed its transformation by splitting into three independent publicly traded companies focused on aerospace, healthcare, and energy, marking the end of an era for this legendary American industrial conglomerate.
General Electric History
General Electric Founders
General Electric Competitors
General Electric competed across multiple industrial sectors against diversified conglomerates and specialized manufacturers. The company’s primary competitors varied by business segment, including aerospace, energy, healthcare, and industrial automation, facing formidable rivals similar to those challenging Caterpillar in heavy equipment markets.
| Competitor | Market Focus |
|---|---|
| Siemens AG | Industrial automation, power generation, healthcare technology |
| Honeywell International | Aerospace systems, building technologies, industrial automation |
| 3M Company | Diversified industrial and consumer products |
| Hitachi Ltd | Infrastructure systems, information technology, power systems |
| Emerson Electric | Process automation, climate technologies, tools |
| ABB Ltd | Robotics, power grids, electrification products |
| Schneider Electric | Energy management, industrial automation |
| United Technologies (Raytheon) | Aerospace systems, defense products |
| Rolls-Royce Holdings | Aircraft engines, power systems |
| Mitsubishi Electric | Electronics, industrial automation, power equipment |
General Electric Revenue
General Electric experienced significant revenue fluctuations throughout its history. In 2020, revenue dropped to $75.8 billion during the pandemic. By 2023, revenue decreased to $67.8 billion following the separation of the healthcare segment.
General Electric Acquisitions
General Electric pursued an aggressive acquisition strategy spanning more than a century, building a vast industrial empire through strategic purchases. In 1986, the company reacquired RCA primarily to obtain the NBC television network, marking a major expansion into media. The company later acquired the remainder of Universal Pictures in 2004, creating NBCUniversal as a joint venture with Vivendi before eventually selling to Comcast in 2013.
The company made substantial acquisitions in its core industrial sectors throughout the 2000s and 2010s. In 2002, GE acquired Enron’s windpower assets during bankruptcy proceedings, establishing GE Wind Energy. The company bought Smiths Aerospace for $4.8 billion in 2007, strengthening its aviation capabilities. Between 2007 and 2008, GE Oil & Gas acquired Vetco Gray for $1.9 billion and Hydril Pressure & Control for $1.12 billion, consolidating its position in the oil and gas sector.
One of General Electric’s largest and most controversial acquisitions came in 2014 when the company purchased Alstom’s global power division for $17 billion after defeating a rival bid from Siemens and Mitsubishi Heavy Industries. This acquisition, completed in 2015, significantly expanded GE’s power generation business but later proved problematic. In 2010, GE acquired gas engine manufacturer Dresser Inc for $3 billion and British Wellstream Holding Plc for $1.3 billion.
General Electric also made strategic acquisitions in oilfield services, purchasing Lufkin Industries for $2.98 billion in 2013. However, under CEO Larry Culp’s leadership beginning in 2018, GE shifted from acquisition mode to divestiture mode, selling off numerous divisions including its appliance business to Haier in 2016, its lighting division in 2020, and ultimately separating into three independent companies by 2024.
General Electric Market Cap
General Electric’s market capitalization peaked at nearly $600 billion in 2000, making it the most valuable company in the world. The market cap declined significantly during the financial crisis and subsequent restructuring.
FAQs
When was General Electric founded?
General Electric was founded in 1892 through the merger of Edison General Electric Company and Thomson-Houston Electric Company. Thomas Edison’s earlier work in electricity formed the foundation for the company’s creation.
What happened to General Electric?
General Electric split into three independent public companies between 2023 and 2024: GE Healthcare, GE Vernova, and GE Aerospace. This completed the dismantling of the 132-year-old industrial conglomerate under CEO Larry Culp’s restructuring plan.
Who was the founder of General Electric?
Thomas Edison founded the predecessor companies that merged to form General Electric in 1892. Charles Coffin, who led Thomson-Houston Electric Company, became GE’s first president after the merger was completed.
What was General Electric known for?
General Electric was known for its diversified operations across aerospace, power generation, healthcare, lighting, appliances, and finance. The company pioneered numerous technologies and was an original Dow Jones Industrial Average component in 1896.
Is General Electric still a company?
The original General Electric conglomerate no longer exists. It completed its split into three independent companies in April 2024. GE Aerospace retained the GE ticker symbol and legal successor status of the original company.