General Electric Company

General Electric Company, based in Fairfield, Connecticut, is one of the world's largest and most successful businesses. Familiarly known as GE, it was begun in 1890 by the noted inventor Thomas A. Edison as the Edison General Electric Company and changed its name to General Electric in 1892. GE was originally known its electrical products such as light bulbs, refrigerators, and power generators. Over the years it has branched out into many different fields, some through internal development and some by acquisition, so that in spite of its name it is now generally considered to be the world's best-managed and most successful conglomerate. As it moves to link itself more or more to growing trends in globalization, it is a leader in such diverse fields as medical imaging, jet engine techology, locomotive manufacture, television broadcasting, commercial airliner leasing, and commercial financing. Its revenues for 2006 were $163 billion and generated nearly $21 billion in net profits. For a period around 2000, when its stock price was considerably higher than it is today, it was, in terms of the total market value of its outstanding shares, the most valuable company in the world, higher even than such companies as Microsoft or ExxonMobil. It is the only one of the twelve companies that in 1896 first composed the Dow Jones Industrial Average to still be in today's index. It has richly rewarded its long-term stockholders by the steadily increasing value of its shares; it has also paid them quarterly dividends for more than a century, as well as increasing the annual dividend for 31 consecutive years.