General Electric Company was an American multinational conglomerate that played a pivotal role in the development of electric power, electric light, home appliances, aviation, and medical imaging. GE was established in 1892 through the merger of Thomas Edison's Edison General Electric Company and the Thomson-Houston Electric Company, a consolidation conceived and orchestrated by financier J.P. Morgan.
Over its history, GE operated multiple diverse divisions, including aerospace, transportation, energy, healthcare, lighting, locomotives, appliances, and finance. In 2020, GE ranked among the Fortune 500 as the 33rd largest firm in the United States by gross revenue, and by 2023, the company was ranked 64th in the Forbes Global 2000.
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SubscribeFollowing the Great Recession of the late 2000s, General Electric began selling off various divisions and assets under Jeff Immelt's leadership as CEO. John Flannery, Immelt's replacement in 2017, further divested assets in locomotives and lighting in order to focus the company more heavily on aviation.
Restrictions on air travel during the COVID-19 pandemic caused General Electric's revenue to fall significantly in 2020. Ultimately, GE's final CEO Larry Culp announced in November 2021 that General Electric was to be broken up into three separate, public companies by 2024.
Founding Roots and Innovation Legacy
GE Aerospace serves as the direct legal successor, while GE HealthCare was spun off as a health technology company in 2023, and GE Vernova was established when the energy company split was finalized, bringing an end to the old conglomerate structure.
During 1889, Thomas Edison had business interests in many electricity-related companies, including the Edison Lamp Company, Edison Machine Works, Bergmann and Company, and the Edison Electric Light Company, which were all backed by J.P. Morgan and the Vanderbilt family.
Henry Villard, a long-time Edison supporter and investor, proposed to consolidate all of these business interests with the strong support of Samuel Insull and other key investors.
In 1893, General Electric brought Charles Steinmetz on board through the acquisition of a smaller New York company, where the mathematical and electronics genius earned over 200 patents and proved a major force in advancing GE.