Machines have come a long way from their humble beginnings. While elementary-school science teachers still struggle to convince students that screws, levers, and wedges truly are machines, the machines we know today have moved far beyond these simple principles.
In fact, machinery of some kind is used in almost every modern workplace. Because of their vast reach, machinery manufacturing–which includes everything from engines and turbines to agricultural machines and HVAC equipment–has a significant impact on economic sectors like construction, agriculture, transportation, and power production.
The COVID-19 pandemic changed a lot, but it hasn’t changed what makes North Carolina great for manufacturing. An experienced and educated workforce, excellent transportation systems to move goods, favorable tax rates, and investment incentives all help manufacturing thrive. Certainly, North Carolina offers all of this and more.
General Electric began in 1892 when several companies merged together, including Thomas Edison’s Lamp Company. The men in charge hoped for lasting success. But it’s unlikely they expected their company would remain one of the largest in the world for over 100 years.
In 2000, GE was the most profitable company in the world. Yet two decades later, profits have nosedived, as has the value of the company. Why?
The answer is complex. Read on for some history and explanation.
History of General Electric: The Foundations
GE sprung from the merging of a lamp manufacturer, an electric company, and a railway & motor company. When the Dow Jones Industrial Average was first published in 1896, GE was one of the first companies listed. The company helped industrialize America through the availability of cheap electricity.