3 Key Companies Under General Electric's Umbrella

Exploring aviation, healthcare, and renewable energy sectors

Established in 1892 by Thomas Edison as Edison General Electric Company, General Electric (GE) stands as one of the oldest and most influential industrial conglomerates in the United States. By the dawn of the 21st century, GE had grown into the nation's largest corporation, boasting a market value exceeding $600 billion.

Throughout its history, GE has been synonymous with innovation, starting with Edison's pioneering incandescent light bulb. Early product lines included electric locomotives, X-ray equipment, and electric stoves.

GE's influence extended beyond electrical devices, venturing into banking, plastics, computing, and broadcasting. In recent years, the company has strategically refocused its portfolio, culminating in a significant restructuring in April 2024 that divided GE into three independent public companies.

For the fiscal year ending December 31, 2024, GE reported net earnings of $6.7 billion on revenues of $39 billion, with a market capitalization of $198 billion as of April 2025.

Below is an overview of GE’s primary business units as of late 2023 and their evolution throughout 2024.

Key Insights

• Founded in 1892 by Thomas Edison, GE is one of the longest-standing industrial giants in the U.S.
• Originally focused on electrical equipment, GE expanded into aviation, computing, plastics, finance, and broadcasting.
• GE Research pioneered breakthroughs such as America’s first jet engine, the first commercial nuclear power plant, and synthetic diamonds.
• To reduce debt, GE has divested or spun off numerous subsidiaries over the past decades.
• In 2024, GE completed a strategic split into GE Aerospace, GE Vernova, and GE Healthcare.

GE Aerospace

• 2023 Revenue: $31.8 billion
• 2023 Profit: $6.1 billion

As a trailblazer in aviation technology, GE developed the first U.S. jet engine, the I-A, in 1942, followed by the historically significant J47 engine in 1949.

Today, GE Aerospace specializes in designing and manufacturing commercial and military aircraft engines, components, and electric power systems, alongside offering comprehensive aftermarket support. Following the divestiture of other units, GE Aerospace remains the company’s core focus and operates under the ticker symbol (GE).

Did You Know?

GE’s influence extends to entertainment history, having launched the National Broadcasting Corporation (NBC) in 1926 through a subsidiary.

GE Power (Now GE Vernova)

• 2023 Revenue: $17.7 billion
• 2023 Profit: $1.4 billion

Thomas Edison laid the groundwork for electrical grids in 1882, and GE played a vital role in advancing power generation and distribution technologies.

GE introduced the first commercial nuclear reactor in 1957 and has since provided gas and steam turbines powered by fossil fuels and nuclear energy. In April 2024, GE Power merged with GE Renewable Energy and GE Digital to form GE Vernova (GEV), a unified energy division.

GE Renewable Energy (Now GE Vernova)

• 2023 Revenue: $15.1 billion
• 2023 Profit: -$1.4 billion

GE has been a global leader in renewable energy, operating over 400 gigawatts of installed capacity worldwide. It is the largest wind turbine manufacturer in the U.S., with wind and gas generators producing approximately 30% of global electricity.

As part of the 2024 restructuring, GE Renewable Energy combined with GE Power and GE Digital to form the new GE Vernova energy segment.

GE Healthcare

• 2023 Revenue: $19.6 billion
• 2023 Profit: $7.9 billion

From its early days producing electrical equipment for X-ray machines in 1896, GE Healthcare has evolved into a leading global healthcare innovator.

Today, GE Healthcare focuses on medical imaging, patient monitoring, diagnostics, and drug discovery, operating in over 160 countries with a workforce of approximately 51,000. The healthcare unit became an independent public company in early 2023, trading under the symbol (GEHC), while GE retains a 19.9% ownership. The company emphasizes precision health, tailoring care to individual genetic and environmental factors.

GE Capital

Once a financial powerhouse with assets nearing half a trillion dollars and over 35,000 employees worldwide, GE Capital was recognized for excellence, including the best savings account in the U.S. by Money Magazine in 2013.

Beginning in 2015, GE divested most of its banking and financial services. Remaining financial operations, such as GE Energy Services and GE Credit Union, are now categorized under 'Corporate' and no longer report separately.

Important Note

GE Capital faced significant challenges during the 2008 financial crisis due to exposure to commercial real estate and subprime loans, prompting a strategic withdrawal from most financial sectors.

Current GE Ownership Structure

Following the 2024 restructuring, General Electric now consists of three independent companies: GE Aerospace (ticker: GE), GE Vernova (ticker: GEV), and GE Healthcare (ticker: GEHC).

Divestitures and Sales

Post-2008 financial crisis, GE sold numerous divisions: GE Plastics to Saudi Arabia (2007), GE Transportation to Wabtec, GE Appliances to Haier, and financial arms to Wells Fargo and others. The company also sold its final NBCUniversal stake to Comcast in 2014.

Is GE Owned by China?

No. While GE Appliances was sold to China’s Haier Group in 2016, this transaction did not equate to GE being owned by China, contrary to social media misconceptions.

GE Capital’s Current Status

GE retains the GE Capital brand but has divested most financial services. CEO Jeff Immelt announced a $200 billion asset sale from GE Capital in 2015, excluding operations supporting core aviation, energy, and healthcare businesses. GE Energy Financial Services, the last GE Capital division, is now part of GE Vernova.

Final Thoughts

General Electric remains a symbol of American innovation and entrepreneurship. Though significantly streamlined after decades of divestitures, the 2024 three-way split positions GE as a focused leader in aviation, while GE Vernova and GE Healthcare operate independently, each driving innovation in their respective fields.

Discover the latest news and current events in Company Profiles as of 13-10-2024. The article titled " 3 Key Companies Under General Electric's Umbrella " provides you with the most relevant and reliable information in the Company Profiles field. Each news piece is thoroughly analyzed to deliver valuable insights to our readers.

The information in " 3 Key Companies Under General Electric's Umbrella " helps you make better-informed decisions within the Company Profiles category. Our news articles are continuously updated and adhere to journalistic standards.