GE to end its run as a conglomerate, split into 3 companies

NYDaily News ^ | 09 November 2021 | MICHELLE CHAPMAN, Associated Press

[blueplum]

General Electric, the storied American manufacturer that struggled under its own weight after growing to become a sprawling conglomerate, will divide itself into three public companies focused on aviation, health care and energy.

The company’s announcement Tuesday is the culmination of an arduous, yearslong reshaping of a symbol of American manufacturing might that could signal the end of conglomerates as a whole.

[blueplum]

a giant falls

[Chode]

the old NBC chimes were the notes G-E-C... now wut?

prolly don’t use them anymore anyway

[bwest]

Where do appliances land?

[Maine Mariner]

China?

[DSH]

China?

GE Appliances has been majority owned by the Chinese company Haier since 2016.

[smokingfrog]

They have never made good appliances. Probably not enough profit to be made with them.

[CatOwner]

So glad to have sold off my GE (corporate) stock back in the fall of 2007 when I changed employers. The stock sold at that time and reinvested elsewhere is now worth 5-6 times what it would have been had I kept the stock with GE (including dividends).

[princess leah]

Part of the great dismantling of America by our socialist dictator!

[Lurkinanloomin]

When I started with GE Appliances we made everything that went into the product, the motors, the wiring, the elements, the compressors, everything.
When I retired shortly after they sold that business to the Chinese, we assembled some product from parts from China and elsewhere or imported the product from China or elsewhere.
I watched the destruction of the company from the inside.

[PAR35]

Jack Welch was good at making himself and his buddies rich at the expense of the company. He was a bad person and a bad manager. He sucked the company dry to give himself and other top execs bonuses, but was brutal to lower level folks. He gave himself a $420 million going away present. Destroying a company pays well.

Jack Immelt, his protege, on the other hand, was best known for flying in the corporate jet, with an empty backup plane following him around ‘just in case’.

[Lurkinanloomin]

My 1976 washer and 1973 dryer disagree with your statement.

[packrat35]

And they will still suck!

[Texas Fossil]

I read that the Appliance manufacturing part of GE had been sold to the ChiComs.

Headshake.

[ex91B10]

FTA:
"GE’s stock became one of the most sought after on Wall Street under Welch...Through the 1990s, it returned 1,120.6% on investments. GE’s revenue grew nearly fivefold during Welch’s tenure, and the company’s value increased 30-fold."

I worked for GE Aircraft Engines during Welch's tenure. He made a lot of employees quite financially secure if they participated in the 401k.

Then came Immelt...

[smokingfrog]

Yeah. The old stuff is probably better. Before they started putting circuit boards in them.

[Lurkinanloomin]

The old stuff that was electro-mechanical lasts forever.

I agree about the electronic crap they are making today.

[1Old Pro]

When I started with GE Appliances we made everything that went into the product, the motors, the wiring, the elements, the compressors, everything. When I retired shortly after they sold that business to the Chinese, we assembled some product from parts from China and elsewhere or imported the product from China or elsewhere. I watched the destruction of the company from the inside.

Planned obsolescence combined with cheap labor. It was a paradigm shift some 4-5 decades ago.