General Electric (GE) is an American international corporation based in New York and based in the area of Fairfield in Connecticut.
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The company acts through the segments of Power, Water, Oil, Natural Gas, Energy, Aviation, medicines and healthcare, and transport. In the year 2011, GE was rated amongst the Fortune 500 as the 26th largest firm in the U.S. arranged according to net revenue, and also the 14th most money-making. The ‘Nobel Prize’ has been given to General Electric employees twice including Langmuir in the year 1932 and Giaever in the year 1973. In the year 1896, GE was among the original 12 corporations listed in the recently shaped Dow Jones business Average. Even after 118 years, it is the single one of the unique companies still listed on the Dow index. In April 2013, General Electric Co acquired oilfield pump maker Lufkin Industries for $2.98 billion. In the year 2014, it was speculated that General Electric was in talks to get hold of the worldwide power segment of French business group Alstom for a sum of about $13 B. A competitor combined bid was placed in June, 2014 by Siemens and MHI in the hunt for acquiring Alstom's turbine industry for about €4 B, and MHI proposing a combined scheme in making vapor turbines. An element of the deal involved the French government taking a 20% stake in Alstom to help secure France's energy and transport wellbeing, alongside French jobs. Around October 2014, GE declared that it was taking into account the auction of its Polish bank subsidiary called BPH. During April in the year 2015, GE declared its purpose to vend off its asset portfolio, worth $27 B approx, to Wells Fargo and The Blackstone Group. It was further said in April, 2015 that GE would get rid of the majority of its finance units and give back around $90 billion to shareholders as the firm wanted to cut on its holdings and purge itself from the perceived image of a dually present company working in both banking and manufacturing.