General Electric (GE) is an American multinational conglomerate founded in 1892 by Thomas Edison. With a long history of innovation, GE has become one of the oldest and largest industrial conglomerates in the United States. It has holdings in various sectors, including power, renewable energy, aviation, and healthcare.
As of now, GE owns several major subsidiaries, including GE Power, GE Healthcare, GE Renewable Energy, and GE Aviation. GE Power focuses on the production of gas and steam turbines for electricity generation. GE Healthcare specializes in medical imaging, patient monitoring, diagnostics, and drug discovery. GE Renewable Energy is a major player in the wind and hydroelectric power industry, with a focus on sustainable energy solutions. GE Aviation is a leading manufacturer of aircraft engines and related components.
Over the years, GE has also expanded its portfolio through acquisitions. However, the company has also sold off peripheral businesses, such as GE Plastics, GE Transportation, and GE Appliances.
Key Takeaways:
- GE is an American multinational conglomerate founded in 1892.
- GE owns subsidiaries in power, renewable energy, aviation, and healthcare sectors.
- Major companies owned by GE include GE Power, GE Healthcare, GE Renewable Energy, and GE Aviation.
- GE has a history of acquisitions and divestments to streamline its business.
- GE has also sold off peripheral businesses like GE Plastics, GE Transportation, and GE Appliances.
GE Healthcare
GE Healthcare is a significant business segment of General Electric (GE), contributing significantly to the company’s overall revenue and profitability. In the fiscal year 2021, GE Healthcare reported revenue of $17.7 billion and a profit of $2.97 billion. It operates in over 160 countries and employs approximately 47,000 people worldwide.
As a leader in the healthcare industry, GE Healthcare specializes in various areas, including medical imaging, patient monitoring and diagnostics, and drug discovery. They provide advanced technologies and solutions that contribute to the improvement of patient care and outcomes. With a focus on precision health, GE Healthcare aims to deliver personalized healthcare solutions by considering patients’ unique genetic, behavioral, and environmental characteristics.
GE Healthcare Spinoff
In line with its strategic plans, GE intends to spin off its healthcare unit into a separate public company in early 2023. While GE will retain a 19.9% stake, the newly formed company will operate independently, enabling it to focus solely on the healthcare sector. This spinoff is expected to unlock the full potential of GE Healthcare, allowing it to pursue new opportunities and innovations in the rapidly evolving healthcare landscape.
By becoming an independent entity, the GE Healthcare spinoff will have the flexibility to further invest in research and development, accelerate the commercialization of groundbreaking technologies, and forge strategic partnerships. These initiatives are crucial for GE Healthcare to continue driving advancements in precision health and delivering innovative healthcare solutions that address the unique needs of patients worldwide.
| GE Healthcare Revenue (FY2021) | GE Healthcare Profit (FY2021) | Business Segment | Spinoff |
|---|---|---|---|
| $17.7 billion | $2.97 billion | Medical imaging, patient monitoring and diagnostics, drug discovery | Expected in early 2023 |
GE Power
As a major business segment of General Electric (GE), GE Power plays a crucial role in the company’s portfolio. In the fiscal year 2021, GE Power recorded a revenue of $16.7 billion and a profit of $0.7 billion, highlighting its significance within the conglomerate.
With a rich history rooted in electricity generation, GE Power has been an industry leader since Thomas Edison’s pioneering work on electrical grids. Today, the division offers a range of power generation solutions, including gas and steam turbines that utilize fossil fuels or nuclear power to produce electricity.
Interestingly, GE Power’s influence has extended beyond power generation. In 1926, one of its subsidiaries launched the National Broadcasting Corporation (NBC), making GE Power’s impact felt even in the entertainment industry.
Looking ahead, GE Power will continue to operate as a separate business segment following the planned spinoffs of GE’s other divisions in 2023 and 2024. With a strong focus on power generation equipment and innovative solutions, GE Power remains at the forefront of the industry.
FAQ
What companies does GE own?
General Electric (GE) owns several major subsidiaries, including GE Power, GE Healthcare, GE Renewable Energy, and GE Aviation.
What is GE Healthcare?
GE Healthcare is a business segment of General Electric that specializes in medical imaging, patient monitoring, diagnostics, drug discovery, and more.
How much revenue and profit does GE Healthcare generate?
In the fiscal year 2021, GE Healthcare reported revenue of $17.7 billion and a profit of $2.97 billion.
What is the plan for GE Healthcare’s future?
GE plans to spin off its healthcare unit into a separate public company in early 2023 while still retaining a 19.9% stake. The new company will focus on precision health.
What is GE Power?
GE Power is another major business segment of General Electric that focuses on the production of power generation equipment and solutions.
How much revenue and profit does GE Power generate?
In the fiscal year 2021, GE Power reported revenue of $16.7 billion and a profit of $0.7 billion.
What does GE Power specialize in?
GE Power offers gas and steam turbines that use fossil fuels or nuclear power to produce electricity.
What is the history of GE Power?
GE Power has a long history of innovation in electricity generation, starting with Thomas Edison’s work on electrical grids. One of its subsidiaries launched NBC (National Broadcasting Corporation) in 1926.