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| General Electric Co. |
The General Electric Company started out as a laboratory in Menlo Park, New Jersey in 1876. The head of this laboratory is none other than the Ohio-born Thomas Edison and out of this came one of the most well-known invention which is the incandescent electric lamp. More than a decade later, Edison had already integrated all his businesses under the Edison General Electric Company.
Meanwhile, Edwin J. Houston and Elihu Thomson had formed a rival company known as Thomson-Houston Electric Company. This company merged with several other companies and was headed later by Charles A. Coffin, a native of Lynn, Massachusetts and former shoe manufacturer. This company will eventually merge with Thomas Edison’s General Electric Company through the efforts of financier J.P. Morgan in 1892. The newly merged General Electric Company had its first headquarters in Schenectady, New York. In 1896, General Electric became one of the original 12 companies which were listed on the then newly-formed Dow Jones Industrial Average and has remained even after more than 100 years. Today, from the 12 original companies only the General Electric Company has remained in the Dow Jones Industrial Average although this has not always been consistent.
Through outs General Electric’s entire history and existence it has also faced criminal cases related to its defense operations. In fact, GE was judged guilty of defrauding the US Department of Defense in 1990 and once again it was charged based on corrupt policies involving the sale of jet engines to Israel two years later.
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Posted by MarketMan on 2008-07-31 07:31:58 | Rating: | Views: 96
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