General Electric is one of the largest conglomerates in the world. The company’s business focuses on technology, service and manufacturing. Under the late Jack Welch, GE grew rapidly through massive acquisitions and adopted a Six Sigma quality initiative. The company acquired RCA and the NBC television network, Employers Reinsurance and Kidder Peabody Inc.
GE Healthcare
The GE division that makes medical imaging machines, pharmaceutical diagnostics and digital products for hospitals is one of the company’s most stable. Its earnings are far less volatile than those of the oil and gas and power segments. In addition, several breakthroughs and technical advancements are making their way into GE Healthcare, including the GE OEC mini c-arm.
The GE OEC mini C-arm is a well-established instrument in outpatient hand and foot surgery settings. It facilitates diagnosis and treatment, lowering the amount of radiation patients are exposed to. Kieran Murphy, who will lead GE Healthcare when it becomes a standalone company, has built a reputation as a roll-up-your-sleeves operator.
GE insiders describe him as private — he hasn’t given many interviews — and “refreshingly honest, no fluff.” They also praise his work ethic, born from his Irish roots. He spent his childhood on a farm in Cork, where his parents had a hardworking, spirited workforce. GE’s investors will look to him to accelerate sales and profit growth, which the pandemic and soaring inflation have squeezed.
They expect him to focus on improving the company’s cost structure. He has promised to do so with ambitious but achievable targets. It includes cutting the company’s operating expenses by $20 billion and boosting its cash flow by $2 billion.
GE Aviation
GE Aviation is the company’s aero engine division. It produces jet engines for airplanes made by companies. It also partners with Safran of France to create the CFM International narrow-body jet engines that power many of today’s most popular aircraft. During Welch’s tenure, the company also focused on improving efficiency and cutting costs.
It adopted the Six Sigma process, a quality-control technique that aims to cut errors and defects in production. The new GE under Culp focuses on Aviation, Healthcare, and Power and Renewable Energy as its core businesses. The company will spin off the remainder of its business into separate public companies.
It includes the appliances and light bulbs that most Americans know GE for and a new deal to sell its aircraft leasing arm to Ireland’s AerCap, closing the books on a financial division that nearly sank the conglomerate during the 2008 recession. GE’s reshaping will reduce its debt by more than $75 billion.
GE Power
GE Power, formerly known as GE Energy & Water and GE Power Conversion, is a division of General Electric. The division comprises industrial gas turbines and hydro and wind power systems. In addition to the turbines, the division also provides a range of services. Until recently, GE was the world’s biggest supplier of power plants and services.
GE has been bidding aggressively on service contracts to keep up with the competition. It has hurt profit margins and lowered revenue. The company’s strategy in Ghana is to support local content by investing in a fully equipped services facility in Takoradi. It is coupled with a comprehensive training program to enable GE technicians to meet customers’ demands locally. The investment has already made a difference to the local community.
GE Oil & Gas
Companies can buy goods and services from GE Oil & Gas if they are involved in the exploration, development, production, processing, and transportation of natural gas and other petroleum products. Customers include international and domestic independent oil companies and oilfield service providers.
The business serves the upstream offshore, onshore, pipeline and storage, refinery and petrochemical, liquefied natural gas and industrial power generation segments of the energy industry. The company’s customers rely on GE Oil & Gas for new subsea projects, mid-life upgrades, workover campaigns and well interventions. It offers a rage of digital solutions. GE Oil & Gas employs approximately 20,000 people worldwide.
The employees of GE Oil & Gas are generally happy with their employer, with the majority believing that meetings at work are effective and that they look forward to interacting with their coworkers. The company is committed to uplifting the communities it does business in, such as by providing world-class education facilities in Ghana.
