General Electric (GE) Will Continue To Innovate To Compete In The 21st Century
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Last week, General Electric's (NYSE: GE) CEO, Jeffrey Immelt, announced a new investment in Michigan that will bring 1,100 energy-related jobs to the Michigan economy. Below are few of the highlights from Immelt's speech in which he spoke about how GE will compete in 21st century.
- Since Immelt joined the company, GE has earned $230 billion--more than any enterprise in the world. Additionally, its paid $130 billion in dividends to its investors.
- During this downturn, GE plans to launch more new products than at any time in its history.
- Each year, GE puts 6% of its industrial revenue back into technology and because of this more than half of the products it sells today didn’t even exist a decade ago.
- Interesting fact-GE has filed more than 20,000 patents this decade.
- At the Paris air show, General Electric received its largest order in its history from Etihad Airways, based in Abu Dhabi.
- GE has brought to market 75 new products to help customers benefit from renewable technology.
- In only 4 years, GE's revenues from environmentally friendly technology have nearly quadrupled to $17 billion.
- Immelt said to provide clean, low-cost energy in a growing economy that nuclear and coal power will be absolutely essential.
- GE committed to investing $6 billion in health care advances that will lower customers’ costs, broaden access to care, and increase the quality of outcomes.
- General Electric will launch 100 products at lower price points, such as a handheld ultrasound which will someday replace the stethoscope.
- GE Capital is focusing on financing small- and medium-sized customers in industries that it knows the best.
- Immelt admits that in some areas it has outsourced too much. GE plans to “insource” capabilities like aviation component manufacturing and software development. This will make General Electric faster and more competitive over the long term.
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Who's impressed by that stuff? GE has lost $500 billion of stockholder's equity since 1999. If Immelt thinks that's represents success, I'd hate to see failure! Ask him how many patents at GE make the company money. GE will never recover until this group of managers is gone for good.
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Sally Dernum on Jun 29, 2009 11:56 PMI bought the stock because Immelt said he would NOT cut the dividend---and he cut the dividend shortly thereafter!!!