General Electric Timeline
1876-1950
Date
Event
1876
Thomas Edison opens a new laboratory in America.
1879
Thomson-Houston formed.
1890
Edison General Electric formed.
1892
Edison General Electric and Thomson-Houston merge to form The General Electric Company.
1892
Charles A. Coffin was a first President of General Electric
1893
Compagnie Franaise Thomson-Houston, a sister company to General Electric, formed in Paris. This company would eventually become Thomson.
1896
General Electric made a component of the Dow Jones Industrial Average.
1905
The Electric Bond and Share Co. is formed, with the goal of providing financing to small utility companies. This was the genesis of GE Commercial Finance.
1911
National Electric Lamp Company (NELA) was absorbed into General Electric’s existing lighting business. GE established its lighting division headquarters at Nela Park, the world’s first industrial park, in East Cleveland, Ohio.
1912
General Electric begins using phenolic resins to mold plastic parts.
1913
Charles A. Coffin was a first Chairman of General Electric
1913
Edwin Rice become President, replacing Charles A. Coffin
1919
Radio Corporation of America (RCA) formed by General Electric and American Telephone & Telegraph.
1922
Owen Young become Chairman, repalcing Charles A. Coffin
1930
General Electric forms its Plastics Department in order to research and produce advanced plastics.
1932
GE Credit Corporation is founded to allow families to purchase General Electric appliances on credit. This was the basis for GE Consumer Finance.
1935
General Electric markets the first electric garbage disposal, the Disposall.
1940
Philip D. Reed become Chairman, replacing Owen Young
1942
Owen Young become Chairman, replacing Philip D. Reed
1942
General Electric develops the first American jet engine
1945
Philip D. Reed become Chairman, replacing Owen Young
1949
GE Armament Division test-fires the M61 Vulcan rotary cannon.
1950-2000
Date
Event
1953
Lexan accidentally developed by a GE Plastics scientist while searching for a new coating for wire.
1955
GE Research Laboratory announces their ability to create the first artificial diamonds, primarily for industrial use.
1958
Ralph J. Cordiner become Chairman & CEO, replacing Phillip D. Reed
1962
General Electric scientist Bob Hall invents the solid state laser.
1963
Gerald L. Phillippe become Chairman, replacing Ralph J. Cordiner
1964
General Electric sponsors Carousel of Progress at the 1964 New York World’s Fair, Disneyland, and the Magic Kingdom. Sponsorship ends in 1985.
1967
Fred J. Borch become Chairman & CEO, replacing Gerald L. Phillippe
1970
Computer systems division sold to Honeywell.
1971
CFM International is formed with partner SNECMA for the purpose of producing medium-sized civil turbofans.
1972
Reginald Jones becomes Chairman and CEO, replacing Fred J. Borch.
1981
Jack Welch becomes CEO, replacing Reginald Jones. Welch’s management style would leave a lasting effect upon General Electric and Corporate America.
1982
CFM International’s CFM56 is introduced. The CFM56 would go on to dominate the engine market for short haul airliners.
1983
General Electric sponsors Horizons at EPCOT Center. Sponsorship ends in 1993.
1984
GE spins off its commercial computer graphics products and services Genigraphics Operation to the Genigraphics Corporation.
1985
GEnie, one of the pioneering online services, was developed using extra processor cycles on General Electric Information Services mainframes.
1986
General Electric re-acquires RCA, primarily for the NBC television network. Bertelsmann and Thomson acquire the bulk of the remainder. Thomson would also acquire General Electric’s consumer electronics division.
1988
General Electric sponsors IllumiNations, a series of fireworks at EPCOT Center. Sponsorship ends in 1998.
1989
The Consumer News and Business Channel, or CNBC, is formed to provide business news to cable television subscribers.
1993
GE Aerospace Division sold to Martin Marietta, now Lockheed Martin.
1996
MSNBC is formed with partner Microsoft, to compete with the Cable News Network.
1996
GEnie is sold to Yovelle, now part of IDT Corp.
1996
General Electric sponsors the Main Street Electrical Parade for the farewell season at Disneyland.
1999
Harkening back to the Easy-Bake Oven, General Electric introduces the Advantium oven, which uses halogen lights to cook food.
1999
Montgomery Ward exits Chapter 11 bankruptcy protection, and becomes a subsidiary of GE Capital, a major creditor.
2000 and beyond
Date
Event
2000
Montgomery Ward folded by GE Capital due to declining sales.
2001
General Electric and Honeywell agree to merge. The merger is blocked by European Union M&A chief Mario Monti.
2001
Jeffrey Immelt becomes CEO, replacing Jack Welch.
2001
NBC acquires Telemundo, one of the leading Spanish language television networks.
2003
GE Healthcare acquires Instrumentarium.
2003
GE Capital acquires Transamerica Finance from AEGON, who retained the rest of Transamerica Corporation.
2004
NBC acquires the entertainment assets of Vivendi Universal, excluding Universal Music. This forms NBC Universal, of which General Electric owns 80%.
2004
GE Healthcare acquires Amersham plc.
2004
GE Capital acquires Dillard’s credit card unit for US$1.25 billion.
2004
GE sells 60% stake in GE Capital International Services (GECIS) to private equity companies, Oak Hill Capital Partners and General Atlantic, for $500 million.
2004
Genworth Financial formed from General Electric’s life and mortgage insurance assets.
2004
GE Security acquires InVision Technologies, a leading manufacturer of airport security equipment. On July 1, 2009, the European Union approves the sale of 81 percent of GE’s airport security and biometrics division to French company Safran.
2005
GE Commercial Finance acquires the financial assets of Bombardier, a Canadian aircraft manufacturer for US$1.4 billion.
2006
GE Healthcare acquires IDX Systems, a medical software firm, for US$1.2 billion.
2006
GE Advanced Materials division is sold to Apollo Management for US$3.8 billion.
2006
GE Water & Process Technologies acquires Zenon Environmental Systems for $758 million.
2007
GE Consumer and Industrial acquires Microwave Data Systems for US$600 million.
2007
GE-Aviation acquires Smiths Aerospace for 2.4 billion.
2007
GE Oil & Gas acquires Vetco Gray for US$1.9 billion.
2007
GE Plastics is sold to SABIC for US$11.7 billion.
2008
GE Co. to acquire Vital Signs Inc. for US$860 million.
2009
GE announces it will buy out Vivendi’s stake in NBC Universal and give control of the company to Comcast, with GE retaining a 49 percent interest in the joint venture.
References
^ a b c d e f g h i j k l m General Electric official history.
^ Reuters (July 2, 2009)
^ “Bombardier Sells Finance Unit to General Electric for $1.4 Bln.” Gunsalus, J. Bloomberg.
^ “”Vital Signs to be acquired for $860 million””. Chicago Tribune. 2008-07-25. http://www.chicagotribune.com/business/chi-fri-brf3-ge-jul25,0,5784395.story. Retrieved 2008-07-25.
^ “GE, Comcast announce NBC Universal joint venture deal” David Goldman and Julianne Pepitone, CNNMoney.com (December 3, 2009)
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