Galion Iron Works is the original name of the company that built the Galion brand of construction equipment. Known for their graders , it also manufactured rollers, cranes, asphalt millers and even riding squeegees among other machines.
75-626: Gallion changed its name to the Galion Manufacturing Company in 1973. It was acquired by Dresser Industries in 1974, and ultimately subsumed into a Dresser- Komatsu joint venture in 1988. The Galion Iron Works Company of Galion, Ohio , was founded by David Charles Boyd and his three brothers in 1907. In its early years, the Galion produced a wide range of road-building and other construction equipment, such as drag scrapers, plows, wagons, stone unloaders, rock crushers, and
150-538: A $ 3 billion deal and also bought a $ 1.6 billion portfolio of retail credit cards from Citigroup Inc. On October 14, 2010, GE announced the acquisition of data migration & SCADA simulation specialists Opal Software. In December 2010, for the second time that year (after the Dresser acquisition), GE bought the oil sector company Wellstream , an oil pipe maker, for 800 million pounds ($ 1.3 billion). In March 2011, GE announced that it had completed
225-670: A 51% share of the assets while Ingersoll-Rand had 49%. Komatsu Limited and Dresser Industries established Komatsu Dresser to make mining tractors, construction equipment and related equipment. This 50-50 ownership lasted from September 1988 to August 1994, when Komatsu bought out Dresser's share. By 1993, it generated sales of more than US$ 4 billion , and employed 31,800 people in fifty countries. The company had three major divisions: Oil Field Products and Services, Industrial Operations, and Energy Processing and Conversion Equipment. It spun off some of its manufacturing divisions, but crucially agreed to retain asbestos claims filed before
300-462: A bargain price of $ 66.3 million. On January 1, 1987, Dresser Industries and Ingersoll-Rand merged their common businesses to form Dresser-Rand Group with headquarters in Corning, New York . The newly formed company had 10 manufacturing and testing facilities, 70 sales offices, 30 service centers and more than 7,300 employees. The partnership started as a 50-50 relationship, but later Dresser took
375-538: A controlling interest in the company, while GE would retain a 49% stake and would buy out shares owned by Vivendi. Vivendi would sell its 20% stake in NBCUniversal to GE for US$ 5.8 billion. Vivendi would sell 7.66% of NBCUniversal to GE for US$ 2 billion if the GE/Comcast deal was not completed by September 2010 and then sell the remaining 12.34% stake of NBCUniversal to GE for US$ 3.8 billion when
450-590: A division of GE called GE Information Systems (GEIS). The new company, named GXS , is based in Gaithersburg, Maryland . GXS is a provider of business-to-business e-commerce solutions. GE maintains a minority stake in GXS. Also in 2002, GE Wind Energy was formed when GE bought the wind turbine manufacturing assets of Enron Wind after the Enron scandals . In 2004, GE bought 80% of Vivendi Universal Entertainment,
525-578: A few years later with Thomson-Houston Electric Company , led by Charles Coffin . In 1887, Hart left to become superintendent of the Edison Electric Company. 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. The original plants of both companies continue to operate under the GE banner to this day. The General Electric business
600-515: A joint venture in steam turbines, plus a €3.1 billion cash investment. In June 2014, a formal offer from GE worth $ 17 billion was agreed by the Alstom board. Part of the transaction involved the French government taking a 20% stake in Alstom to help secure France's energy and transport interests and French jobs. A rival offer from Siemens Mitsubishi Heavy Industries was rejected. The acquisition
675-553: 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. P. Morgan (1837–1913) and
750-780: A result of purchasing Dresser, causing the company's stock price to fall by eighty percent in just over a year. In April 2001, the Dresser division (excluding the former Kellogg division) entered an agreement to separate itself once again from Halliburton by management purchasing its equity, the new company was called Dresser, Inc. It was a leading global multi-national owned by First Reserve Corporation and company management. In February 2011, General Electric Co. agreed to buy oil-field equipment maker Dresser Inc. for $ 3 billion, expanding its biggest industrial unit. GE acquired Dresser from funds managed by Riverstone Holdings LLC and First Reserve Corporation. The move significantly expanded GE's offerings for energy and industrial customers worldwide and
825-497: A variety of other "experimental machines". By 1911, Galion began production of light-duty horse-drawn road graders. The company's success and product diversification brought about its reorganization in 1923, and a name change to Galion Iron Works and Manufacturing Company . The "Light Premier" was an early grader produced in 1915. It was billed as light enough for two horses, but strong enough for four. Its blade could be raised, lowered, angled, tilted, and shifted sideways, just like
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#1732801856680900-521: Is one of GE's four multifunctional shared services centers worldwide in Pudong , China; Budapest , Hungary; and Monterrey , Mexico. In April 2015, GE announced its intention to sell off its property portfolio, worth $ 26.5 billion, to Wells Fargo and The Blackstone Group . It was announced in April 2015 that GE would sell most of its finance unit and return around $ 90 billion to shareholders as
975-744: Is the latest in a series of acquisitions over the last 10 years that have transformed GE's global energy portfolio. The Dresser brand sells, services, and supports products that include: actuators, valves, meters, instruments, regulators, switches, natural gas-fueled engines, piping specialties, retail and fleet fuel dispensers, blowers, and point-of-sale systems. The Dresser brand operates in more than 60 countries with four principal business segments: Measurement and Distribution Systems, Flow Technologies, Infrastructure Solutions, and Power and Compression Systems. It retains trade names of Masoneilan, Consolidated, Becker, Mooney, ROOTS, and Wayne fuel pumps. General Electric General Electric Company ( GE )
1050-569: The DATANET-30 and Datanet 355 message switching computers (DATANET-30 and 355 were also used as front end processors for GE mainframe computers). A Datanet 500 computer was designed but never sold. In 1956 Homer Oldfield had been promoted to General Manager of GE's Computer Department. He facilitated the invention and construction of the Bank of America ERMA system, the first computerized system designed to read magnetized numbers on checks. But he
1125-522: The Komatsu Dresser Company (KDC) joint venture. The Galion name reemerged in 1992, when the Galion division of KDC was established. From 1995, the three basic Galion graders were badged and renumbered to fit into Komatsu's GD series, and featured modified specifications. The Komatsu-designed GD825A-2 is its largest grader, weighing 58,250 pounds and producing 280 horsepower (210 kW). Dresser Industries Dresser Industries
1200-505: The Multics operating system on the GE 645 mainframe computer. The project took longer than expected and was not a major commercial success, but it demonstrated concepts such as single-level storage , dynamic linking , hierarchical file system , and ring-oriented security . Active development of Multics continued until 1985. GE got into computer manufacturing because, in the 1950s, they were
1275-577: The NBC television network for $ 6.28 billion; this merger surpassed the Capital Cities/ABC merger from earlier that year as the largest non-oil company merger in world business history. The remainder of RCA's divisions and assets were sold to various companies, including Bertelsmann Music Group which acquired RCA Records . Thomson SA , which licensed the manufacture of RCA and GE branded electronics, traced its roots to Thomson-Houston, one of
1350-561: The National Broadcasting Company (NBC), which built two radio broadcasting networks. In 1930, General Electric was charged with antitrust violations and was ordered to divest itself of RCA. In 1927, Ernst Alexanderson of GE made the first demonstration of television broadcast reception at his General Electric Realty Plot home at 1132 Adams Road in Schenectady, New York. On January 13, 1928, he made what
1425-568: The Vanderbilt family . Henry Villard, a long-time Edison supporter and investor, proposed to consolidate all of business interests. The proposal was supported by Samuel Insull - who served as his secretary and, later, financier - as well other investors. In 1889, Drexel, Morgan & Co. —a company founded by J.P. Morgan and Anthony J. Drexel —financed Edison's research and helped merge several of Edison's separate companies under one corporation, forming Edison General Electric Company, which
1500-647: The transmission of electrical power . In 1896, General Electric was one of the original 12 companies listed on the newly formed Dow Jones Industrial Average , where it remained a part of the index for 122 years, though not continuously. In 1911, General Electric absorbed the National Electric Lamp Association (NELA) into its lighting business. GE established its lighting division headquarters at Nela Park in East Cleveland, Ohio . The lighting division has since remained in
1575-418: The 1980s, as the oil industry began to decline, Dresser's chairman, John Murphy, began to streamline the organization of the company, eliminating its insurance, mining, and construction-equipment divisions. In 1982, the company acquired International Harvester 's construction equipment business. In 1984 the company acquired the earthmoving and mining product lines from American Standard's WABCO division, for
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#17328018566801650-462: The 9HA. After the break, GE developed new protective coatings and heat treatment methods. Gas turbines represent a significant portion of GE Power's revenue, and also represent a significant portion of the power generation fleet of several utility companies in the United States. Chubu Electric of Japan and Électricité de France also had units that were impacted. Initially, GE did not realize
1725-476: The A-500, A-550, and A-600, weighing up to 30,000 pounds. These models joined the rigid-frame models, which continued in the Galion line until the mid-1980s. In 1986, the grader products took on the name of the parent company, Dresser, and the Galion name was temporarily dropped. In 1988, the grader line was consolidated into three articulated models named the 830, 850 and 870. That same year, Galion became part of
1800-549: The Baroid merger, Dresser became the third-largest oil-services company in the world. In 1998, Dresser merged with its main rival Halliburton and became known as Halliburton Company. Dick Cheney negotiated the US$ 7.7 billion deal, reportedly having done so during a weekend of quail -hunting. In 2001, Halliburton was forced to settle the asbestos lawsuits that it acquired including the landmark case Bell v. Dresser Industries as
1875-656: The Denver television station until in 1986, when General Electric bought out RCA and made it into an owned-and-operated station by NBC . It even stayed on until 1995 when it was transferred to a joint venture between CBS and Group W in a swap deal, alongside KUTV in Salt Lake City for longtime CBS O&O in Philadelphia, WCAU-TV . Stations are arranged in alphabetical order by state and city of license . Led by Sanford Alexander Moss , GE moved into
1950-562: The Dresser Industries family. In 1950, the company headquarters moved to Dallas to be near the center of the nation's major oil and gas fields. It continued to purchase well-known companies involved in manufacturing such things as overhead cranes, gasoline-dispensing pumps, and heavy equipment for mining and construction. In 1968, the Wayne Oil Tank and Pump Company, established in 1891, merged with Dresser, becoming
2025-697: The Dresser-Wayne Company. Dresser Industries brought together Lane-Wells and the Pan Geo Atlas Corporation (PGAC) to form Dresser Atlas . PGAC's expertise in openhole logging and its international operations made it an ideal merger partner to form an integrated wireline services company. Since its inception, Lane-Wells had generated most of its income from perforating services, but log interpretation had narrowed down producing zones, resulting in fewer perforations and less revenue. Greatly expanded wireline logging capabilities helped
2100-802: The Fortune 20 as the 14th most profitable company, but later very severely underperformed the market (by about 75%) as its profitability collapsed. Two employees of GE— Irving Langmuir (1932) and Ivar Giaever (1973)—have been awarded the Nobel Prize . Following the Great Recession of the late 2000s decade, General Electric began selling off various divisions and assets, including its appliances and financial capital divisions, under Jeff Immelt 's leadership as CEO. John Flannery, Immelt's replacement in 2017, further divested General Electric's assets in locomotives and lighting in order to focus
2175-548: The Galion Iron Works and Manufacturing Company was renamed the Galion Manufacturing Company in 1973. The following year a transaction was completed making Galion a division of Dresser Industries , Inc. Galion introduced its modern-looking articulated grader line in 1979. It featured a distinctively sloped rear engine hood and was identified as the A-series for "Articulated". Initially three models were introduced,
2250-529: The U.S. Army Air Corps to select GE to develop the nation's first jet engine during the war. This experience, in turn, made GE a natural selection to develop the Whittle W.1 jet engine that was demonstrated in the United States in 1941. GE was ranked ninth among United States corporations in the value of wartime production contracts. However, their early work with Whittle's designs was later handed to Allison Engine Company . GE Aviation then emerged as one of
2325-520: The U.S. and Canada. The exact terms of the sale were not disclosed, but the final price would be based on the value of the assets at closing, plus a premium according to the parties. In October 2015, activist investor Nelson Peltz 's fund Trian bought a $ 2.5 billion stake in the company. In January 2016, Haier acquired GE's appliance division for $ 5.4 billion. In October 2016, GE Renewable Energy agreed to pay €1.5 billion to Doughty Hanson & Co for LM Wind Power during 2017. At
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2400-443: The acquisition of Hydril Pressure & Control in 2008 for $ 1.1 billion. GE Plastics was sold in 2008 to SABIC (Saudi Arabia Basic Industries Corporation). In May 2008, GE announced it was exploring options for divesting the bulk of its consumer and industrial business. On December 3, 2009, it was announced that NBCUniversal would become a joint venture between GE and cable television operator Comcast . Comcast would hold
2475-459: The acquisition of privately held Lineage Power Holdings from The Gores Group . In April 2011, GE announced it had completed its purchase of John Wood plc's Well Support Division for $ 2.8 billion. In 2011, GE Capital sold its $ 2 billion Mexican assets to Santander for $ 162 million and exited the business in Mexico. Santander additionally assumed the portfolio debts of GE Capital in
2550-441: The blade movements on a modern grader. Galion was known for building some of the largest pull-type graders in the industry. Popular throughout the 1920s and 1930s, these huge machines were pulled by the largest traction engines and crawler tractors. These graders outperformed other motor graders of the day. Galion continued selling its pull-type graders until 1945, long after other manufacturers discontinued them. In 1922, Galion
2625-633: The combined company continue to grow. In 1974, the company acquired the operating assets of the Jeffrey Manufacturing Company and it's subsidiary the Galion Iron Works . By 1975, Dresser's total sales exceeded $ 2 billion, with profits of more than $ 123 million. Those sales came 28% from petroleum operations, 21% from industrial specialties, 24% from energy processing and conversion, 15% from construction and mining, and 12% from refractories and minerals. During
2700-496: The company diversified into such products as oil derricks , blowers, drill bits, refractories , and drilling mud . In 1949, Dresser's management was presented with an opportunity to broaden its product range beyond capital purchases. They were made aware of the potential to acquire the Magnet Cove Barium Corporation of Houston, Texas, the nation's second-largest producer of barite drilling mud. One of
2775-800: The company expanded into cable with the launch of a franchise, which was awarded to a non-exclusive franchise in Schenectady through subsidiary General Electric Cablevision Corporation. On February 15, 1965, General Electric expanded its holdings in order to acquire more television stations to meet the maximum limit of the FCC, and more cable holdings through subsidiaries General Electric Broadcasting Company and General Electric Cablevision Corporation. The company also owned television stations such as KOA-TV (now KCNC-TV ) in Denver and WSIX-TV (later WNGE-TV, now WKRN ) in Nashville, but like WRGB, General Electric sold off most of its broadcasting holdings, but held on to
2850-572: The company more on aviation. After restrictions on air travel during the COVID-19 pandemic caused General Electric's revenue to fall significantly in 2020, GE's final CEO Larry Culp announced in November 2021 that General Electric was to be broken up into three separate, public companies— GE Aerospace , GE HealthCare , and GE Vernova —by 2024. The new companies are respectively focused on aerospace, healthcare, and energy. GE HealthCare's spin-off
2925-404: The company was renamed back to Baker Hughes. In May 2017, GE had signed $ 15 billion of business deals with Saudi Arabia . Saudi Arabia is one of GE's largest customers. In September 2017, GE announced the sale of its Industrial Solutions Business to ABB . The deal closed on June 30, 2018. On August 15, 2019, Harry Markopolos , a financial fraud investigator known for his discovery of
3000-630: The company's longtime stake in television and film media. In April 2013, GE acquired oilfield pump maker Lufkin Industries for $ 2.98 billion. In April 2014, it was announced that GE was in talks to acquire the global power division of French engineering group Alstom for a figure of around $ 13 billion. A rival joint bid was submitted in June 2014 by Siemens and Mitsubishi Heavy Industries (MHI) with Siemens seeking to acquire Alstom's gas turbine business for €3.9 billion, and MHI proposing
3075-531: The country. Following this, GE Capital focused on its core business and shed its non-core assets. In June 2012, CEO and President of GE Jeff Immelt said that the company would invest ₹ 3 billion to accelerate its businesses in Karnataka . In October 2012, GE acquired $ 7 billion worth of bank deposits from MetLife Inc . On March 19, 2013, Comcast bought GE's shares in NBCU for $ 16.7 billion, ending
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3150-488: The current recoverable bar level of operations. The company reported current assets of $ 3.2 million and liabilities of $ 909,000. When it was learned that all of the Magnet Cove Barium's common stock could be acquired for $ 2.8 million in cash, the directors of Dresser quickly, without hesitation, approved the transaction on October 28, 1949. Five days later, the deal was done. Dresser had added Magnet Cove Barium to
3225-520: The deal was completed or to the public via an IPO if the deal was not completed. On March 1, 2010, GE announced plans to sell its 20.85% stake in Turkey-based Garanti Bank. In August 2010, GE Healthcare signed a strategic partnership to bring cardiovascular Computed Tomography (CT) technology from start-up Arineta Ltd. of Israel to the hospital market. In October 2010, GE acquired gas engines manufacturer Dresser Industries in
3300-426: The end of October 2016, it was announced that GE was under negotiations for a deal valued at about $ 30 billion to combine GE Oil & Gas with Baker Hughes . The transaction would create a publicly traded entity controlled by GE. It was announced that GE Oil & Gas would sell off its water treatment business, GE Water & Process Technologies, as part of its divestment agreement with Baker Hughes. The deal
3375-504: The firm into a public company by issuing 300,000 shares of stock. H. Neil Mallon was selected as president and chief executive officer; he held that position until his retirement in 1962. Under Mallon, Dresser began a program of acquisitions designed to help it survive the threat posed to its core business by the introduction of welding for joining pipes together. Starting in 1930 Dresser began acquiring companies that manufactured valves , heaters, pumps , engines and compressors and
3450-637: The firm looked to trim down on its holdings and rid itself of its image of a "hybrid" company, working in both banking and manufacturing. In August 2015, GE Capital agreed to sell its Healthcare Financial Services business to Capital One for US$ 9 billion. The transaction involved US$ 8.5 billion of loans made to a wide array of sectors, including senior housing, hospitals, medical offices, outpatient services, pharmaceuticals, and medical devices. Also in August 2015, GE Capital agreed to sell GE Capital Bank's on-line deposit platform to Goldman Sachs . Terms of
3525-648: The first to be applied to grader controls. In 1929, Jeffrey Manufacturing Company of Columbus, Ohio , purchased the Galion Organization, but the name of the company remained unchanged. The motor grader line received the first power-shift transmission, which was a major advance, in 1955. Called the Galion Grade-O-Matic drive, it utilized a torque converter, output shaft governor and power-shift transmission, providing simple two-lever control of speed and direction. The Galion T-700 garnered
3600-544: The gas fields where it was extracted to the cities which were the main gas consumers. As the natural gas industry prospered and expanded after 1900, Dresser's company grew as pipelines were built over great distances. By 1927 the company's annual sales had reached US$ 3.7 million and it was employing 400 workers. Following Dresser's death, his descendants decided to sell it, and in 1928 the Wall Street investment-banking firm of W. A. Harriman and Company, Inc. , converted
3675-502: The largest user of computers outside the United States federal government , aside from being the first business in the world to own a computer. Its major appliance manufacturing plant " Appliance Park " was the first non-governmental site to host one. However, in 1970, GE sold its computer division to Honeywell , exiting the computer manufacturing industry, though it retained its timesharing operations for some years afterward. GE
3750-533: The name "Dresser Inc." In October 2010, Dresser Inc., was acquired by General Electric . It is headquartered in Addison, Texas . Solomon Robert Dresser invented a "packer", using rubber for a tight fit, and after taking out a patent on May 11, 1880, he began advertising and selling his product, the Dresser Cap Packer , from Bradford, Pennsylvania , in the heart of the oilfields. Dresser's packer
3825-452: The new field of aircraft turbo superchargers . This technology also led to the development of industrial gas turbine engines used for power production. GE introduced the first set of superchargers during World War I and continued to develop them during the interwar period . Superchargers became indispensable in the years immediately before World War II. GE supplied 300,000 turbo superchargers for use in fighter and bomber engines. This work led
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#17328018566803900-550: The original components of GE. Also in 1986, Kidder, Peabody & Co. , a U.S.-based securities firm, was sold to GE and following heavy losses was sold to PaineWebber in 1994. In 1997, Genpact was founded as a unit of General Electric in Gurgaon . The company was founded as GE Capital International Services (GECIS). In the beginning, GECIS created processes for outsourcing back-office activities for GE Capital such as processing car loans and credit card transactions. It
3975-557: The parent of Universal Pictures from Vivendi . Vivendi bought 20% of NBC, forming the company NBCUniversal . GE then owned 80% of NBCUniversal and Vivendi owned 20%. In 2004, GE completed the spin-off of most of its mortgage and life insurance assets into an independent company, Genworth Financial , based in Richmond, Virginia . In May 2007, GE acquired Smiths Aerospace for $ 4.8 billion. Also in 2007, GE Oil & Gas acquired Vetco Gray for $ 1.9 billion, followed by
4050-425: The partners was interested in selling their approximate one-third interest, which led to discussions with the owners about the possibility of selling the entire company. With Dresser's strong cash position, they began to explore the acquisition of Magnet Cove Barium. It held mineral reserves constituting 30 percent of the known U.S. barite deposits, and the 5 ½ million tons of barite could last thirty-eight more years at
4125-516: The remedies proposed by GE were insufficient to resolve the competition concerns resulting from the proposed acquisition of Honeywell". On June 27, 2014, GE partnered with collaborative design company Quirky to announce its connected LED bulb called Link. The Link bulb is designed to communicate with smartphones and tablets using a mobile app called Wink . In December 1985, GE reacquired the RCA Corporation , primarily to gain ownership of
4200-712: The same location. Owen D. Young, who was then GE's general counsel and vice president, through GE, founded the Radio Corporation of America (RCA) in 1919. This came after Young, while working with senior naval officers, purchased the Marconi Wireless Telegraph Company of America , which was a subsidiary of the British company Marconi Wireless and Signal Company. He aimed to expand international radio communications. GE used RCA as its retail arm for radio sales. In 1926, RCA co-founded
4275-605: The spinoff. In 1994, the company expanded through acquisitions of Wheatley TXT (a manufacturer of pumps, valves, and metering equipment) and the Baroid Corporation (an oil-services firm in Houston that had been a direct competitor). To comply with federal antitrust regulations, Dresser sold off its interest in M-I Drilling Fluids Company and Western Atlas International. Upon completion of
4350-516: The time, and GE increased engineering and supplies for the Wind Division and doubled the annual sales to $ 1.2 billion in 2003. It acquired ScanWind in 2009. In 2018, GE Power garnered press attention when a model 7HA gas turbine in Texas was shut down for two months due to the break of a turbine blade . This model uses similar blade technology to GE's newest and most efficient model,
4425-596: The transaction were not disclosed, but the sale included US$ 8 billion of on-line deposits and another US$ 8 billion of brokered certificates of deposit. The sale was part of GE's strategic plan to exit the U.S. banking sector and to free itself from tightening banking regulations. GE also aimed to shed its status as a "systematically important financial institution". In September 2015, GE Capital agreed to sell its transportation finance unit to Canada's Bank of Montreal . The unit sold had US$ 8.7 billion (CA$ 11.5 billion) of assets, 600 employees, and 15 offices in
4500-504: The turbine blade issue of the 9FB unit would impact the new HA units. GE was one of the eight major computer companies of the 1960s along with IBM , Burroughs , NCR , Control Data Corporation , Honeywell , RCA , and UNIVAC . GE had a line of general purpose and special purpose computers, including the GE 200 , GE 400 , and GE 600 series general-purpose computers, the GE/PAC 4000 series real-time process control computers, and
4575-461: The world's largest engine manufacturers, bypassing the British company Rolls-Royce plc . Some consumers boycotted GE light bulbs, refrigerators, and other products during the 1980s and 1990s. The purpose of the boycott was to protest against GE's role in nuclear weapons production. In 2002, GE acquired the wind power assets of Enron during its bankruptcy proceedings. Enron Wind was the only surviving U.S. manufacturer of large wind turbines at
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#17328018566804650-626: The world's largest grader title in 1955. Larger than anything else in the grader industry, it had 190 horsepower (140 kW) and weighed over 40,000 pounds. The graders and rollers built by the Galion Iron Works Company created many of the roads and highways (including the Interstate Highway System) in North America, as well as South America and other countries. After 60 years with the same name,
4725-733: Was a multinational corporation headquartered in Dallas, Texas , United States , which provided a wide range of technology, products, and services used for developing energy and natural resources. In 1998, Dresser merged with its main rival Halliburton . Halliburton sold many of former Dresser non "oil patch" divisions, retaining the M W Kellogg Engineering and Construction Company and the Dresser oil-patch products and services that complemented Halliburton's energy and natural resource businesses. In 2001 Halliburton sold five separate, but somewhat related former Dresser non "oil patch" divisions, to an investment banking firm. Those five operations later took
4800-606: Was a major provider of computer time-sharing services through General Electric Information Services (GEIS, now GXS), offering online computing services that included GEnie . In 2000, when United Technologies Corp. planned to buy Honeywell, GE made a counter-offer that was approved by Honeywell. On July 3, 2001, the European Union issued a statement that "prohibit the proposed acquisition by General Electric Co. of Honeywell Inc.". The reasons given were it "would create or strengthen dominant positions on several markets and that
4875-602: Was an experimental concept at the time and the beginning of the business process outsourcing (BPO) industry. GE sold 60% stake in Genpact to General Atlantic and Oak Hill Capital Partners in 2005 and hived off Genpact into an independent business. GE is still a major client to Genpact today for services in customer service, finance, information technology, and analytics. In 2001, GE acquired Spanish-language broadcaster Telemundo and incorporated it into NBC. In 2002, Francisco Partners and Norwest Venture Partners acquired
4950-608: Was an American multinational conglomerate founded in 1892, incorporated in the state of New York and headquartered in Boston . The company had several divisions, including aerospace , energy , healthcare , and finance . In 2020, GE ranked among the Fortune 500 as the 33rd largest firm in the United States by gross revenue . In 2023, the company was ranked 64th in the Forbes Global 2000 . In 2011, GE ranked among
5025-666: Was cleared by the EU in May 2017, and by the United States Department of Justice in June 2017. The merger agreement was approved by shareholders at the end of June 2017. On July 3, 2017, the transaction was completed, and Baker Hughes became a GE company and was renamed Baker Hughes, a GE Company (BHGE). In November 2018, GE reduced its stake in Baker Hughes to 50.4%. On October 18, 2019, GE reduced its stake to 36.8% and
5100-618: Was expected to be completed in 2015. In October 2014, GE announced it was considering the sale of its Polish banking business Bank BPH . Later in 2014, General Electric announced plans to open its global operations center in Cincinnati , Ohio. The Global Operations Center opened in October 2016 as home to GE's multifunctional shared services organization. It supports the company's finance/accounting, human resources, information technology, supply chain, legal and commercial operations, and
5175-435: Was finalized on January 4, 2023. This was followed by the spin-off of GE's portfolio of energy businesses on April 2, 2024, into GE Vernova. Following these transactions, General Electric Company changed its trading name to GE Aerospace, pivoted to aviation, and ceased to exist as a conglomerate. During 1889, Thomas Edison (1847–1931) had business interests in many electricity-related companies, including Edison Lamp Company,
5250-608: Was fired from GE in 1958 by Ralph J. Cordiner for overstepping his bounds and successfully gaining the ERMA contract. Cordiner was strongly against GE entering the computer business because he did not see the potential in it. In 1962, GE started developing its GECOS (later renamed GCOS) operating system , originally for batch processing , but later extended to time-sharing and transaction processing . Versions of GCOS are still in use today. From 1964 to 1969, GE and Bell Laboratories (which soon dropped out) joined with MIT to develop
5325-663: Was incorporated in New York on April 24, 1889. The new company acquired Sprague Electric Railway & Motor Company in the same year. 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. In 1880, Gerald Waldo Hart formed the American Electric Company of New Britain, Connecticut , which merged
5400-457: Was incorporated in New York, with the Schenectady plant used as headquarters for many years thereafter. Around the same time, General Electric's Canadian counterpart, Canadian General Electric , was formed. In 1893, General Electric bought the business of Rudolf Eickemeyer in Yonkers, New York , along with all of its patents and designs. Eickemeyer's firm had developed transformers for use in
5475-482: Was one of many available on the market, and it was another invention that saw a substantial expansion of the company. A flexible coupling , the Dresser Joint , that he built in 1885 to join pipes together in such a way that they would not leak natural gas . This coupling also used rubber for a tight fit, and it was so successful that it permitted for the first time the long-range transmission of natural gas from
5550-404: Was one of the first to develop a self-propelled motor grader. The tractor engine and transmission were located in the rear of the frame, and the operator cockpit was located near the center of the machine. Also in the 1920s, development began on one of Galion's greatest achievements- the Galion hydraulic control . Used on both pull-type and self-propelled graders, this hydraulic system was one of
5625-433: Was said to be the first broadcast to the public in the United States on GE's W2XAD : the pictures were picked up on 1.5 square inches (9.7 square centimeters) screens in the homes of four GE executives. The sound was broadcast on GE's WGY (AM) . Experimental television station W2XAD evolved into the station WRGB , which, along with WGY and WGFM (now WRVE ), was owned and operated by General Electric until 1983. In 1965,
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