GE
I work at Wright State University in Dayton, OH and we have several students who have done co-op at GE Appliance Park in Louisville, KY. And we have one who got employed there full time. Since I am very interesed in appliances I always talk to the students in great length at GE. For the most part, the Appliance Park employees and administration are very very dedicated and loyal to GE and are committed to producing high quality appliances. However, they are quite frustrated at getting little support and research money from the top dogs in the corporation. It all started in 1980 with Welch who was a chemical engineer (and a bad one). His goal was to take GE from a manufacturing organization to a service organization. He first sold the AC division to Trane in 1982 (Welch admitted he hated AC) and then the housewares division in 1984 to Black and Decker (He thought GE making things like peeling wands and mixers was silly for a giant corporation). In 1986/87 he sold and partially traded the TV and electronics division to Tompson in France. He used the monies from these sales to purchase NBC and further boost the financial services division. If you remember he even changed the GE logo from the script GE in the circle to a printed GE (like on top of the GE building in New York. This was the only time he backed down when there was such an outcry to his deleting of the historical GE trademark. His goal was to build his ego by changing the company the way he wanted. In choosing his succesor, Jeff Immet, he search hard to find a clone who would continue to alter the company and reform it the way he wanted. He found the ideal person in Immelt who continues to do Welch's will. Immelt is not even an engineering. He has an MBA and cares nothing about appliances, electronics, etc. Welch continues to be on the payroll of GE and serve as a "consultant". He is a svengali who continues to make Immelts diecisions. As someone mentioned in the thread, he is trying to sell the appliance division AND has been working with A.O. Smith on the sale of the motors division.
It's extremely sad to see GE going the way Westinghouse did, selling off their limbs. Westinghouse went out of business. GE will too one day. The financial services division is too dependent on the economy. Look how much money GE lost on it's insurance division when the World Trade Center collapsed. They will be sorry if they sell off their appliance division.
No matter how bad the economy, people have to wash their clothes. They have to cook food, etc. Their housewares division and electronics division were making small, but consisstent profits, but Welch didn't like them. Even in bad economic times people can afford toasters, blenders for themselves and there are always wedding and Christmas gifts, etc. And of course will watch TV.
Sorry if I sound bitter, but I love GE, am a stockholder and all my appliances have always been GE. Their appliances, both large and small, were always creatively designed and engineered to last. But the company is slowly being ruined by people (Welch and Immelt) trying to shape it in their own image. No one thought Westinghouse would go belly up, but GE is on the same path. There finances look strong now, but after all their major manufaturing limbs have been removed (I soon expect Immelt to sell of the lighting division also) they will have nothing to keep them afloat during bad economic time.
If their appliances currently are not what they used to be, blame the little, stuttering, loud mouthed runt, Welch and his syncohant, Immelt. Welch did not want GE to be known as the General Electric Company anymore, that's why he changed the name to the GE corporation so they would not be associated with Electricity, appliances, manufacturing, etc. GE was created to produce household and commercial appliances and equipment. That's what the coorporation was for, not for boosting stockholders shares. Let's hope one day an engineer whol loves appliances and electronics becomes CEO and maybe GE can return to its fomer glory. The above is my personal opinion, of course, but I am sure many of you are saddened also, by GE's decline in the appliance industry.
Barry Woods