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By NEW YORK TIMES NEWS SERVICE | November 19, 2005
General Electric Co. said yesterday that it had reached a deal to sell its reinsurance business to Swiss Reinsurance Co. for $6.8 billion in cash and stock, substantially completing the company's exit from the insurance industry. GE will register a $2.8 billion after-tax loss on the sale. Swiss Re also will assume $1.7 billion in debt. The deal marks the fifth sale of an insurance business by GE since 2002 as its chief executive, Jeffrey R. Immelt, pushes for faster growth. GE Insurance Solutions of Kansas City, Mo., had net premiums of $6.2 billion last year and assets of $41.5 billion as of June.
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NEWS
By Robert B. Reich | February 1, 2012
President Barack Obama believes government has a vital role in creating good jobs in America. Mitt Romney and Newt Gingrichsay American business will create good jobs here if their taxes are lowered and regulations eased. The facts are on the president's side. U.S. corporations are increasingly global, with less and less stake in America. According to the Commerce Department, American-based global corporations added 2.4 million workers abroad in first decade of 21st century while cutting their American workforce by 2.9 million.
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BUSINESS
By Bloomberg News | November 14, 2006
NEW YORK -- General Electric Co. and Tokyo-based Hitachi Ltd. said yesterday that they will combine their nuclear-plant businesses into two ventures in the United States and Japan to better compete with bigger rivals Toshiba Corp. and France's Areva Group. GE will receive a net payment of "several hundred million" dollars once the transaction is closed, John Krenicki, head of GE Energy, told reporters yesterday. GE will keep 60 percent of its nuclear business and get 20 percent of Hitachi's Japanese segment, Hitachi President Kazuo Furukawa and Krenicki said.
NEWS
By Alison Knezevich, The Baltimore Sun | December 29, 2011
Gov. Martin O'Malley has asked a key lender to R.G. Steel to reconsider its decision to freeze some company funds, saying the move has contributed to the firm's decision to lay off workers at its Sparrows Point mill. In a letter dated Wednesday, O'Malley asked General Electric Chairman and CEO Jeffrey Immelt for help in "stabilizing the financial arrangements that helped build R.G. Steel, America's fourth largest steel company. " General Electric's financial services unit, GE Capital, led 10 other institutions in financing the stock purchase sale that created the steel company, according to O'Malley's letter, which his office released Thursday.
BUSINESS
By New York Times News Service | March 17, 1994
The board of Kemper Corp. met last night -- a day earlier than planned -- to begin discussions over the merits of a hostile takeover bid by the General Electric Co.Kemper, the asset management and life insurance company based in Long Grove, Ill., has so far rebuffed a $55-a-share, or $2.2 billion, bid by GE Capital, GE's financial arm, saying it wishes to remain independent."
NEWS
June 12, 2002
Arthur E. Peltosalo, an electrical engineer and retired General Electric Co. executive whose career spanned 34 years, died of prostate cancer Friday at his Gibson Island home. He was 80. Born in Hartford, Conn., the son of Finnish immigrants, Mr. Peltosalo was raised in both Springfield and Pittsfield, Mass. He earned a bachelor's degree in electrical engineering from Purdue University in 1943. He served in the states with the Army field artillery as a forward air controller in the latter years of World War II, attaining the rank of lieutenant.
NEWS
By Erik Nelson and Erik Nelson,Staff writer | August 11, 1991
The Rouse Co. hopes to transform what was once Columbia's manufacturing hub into a home for large-scale retail outlets such as the Price Club, PACE and IKEA.Last week, the company cleared one hurdle toward rezoning 65 acres of the former General Electric Appliance Park East on Snowden River Parkway.The rezoning would allow construction of a 400,000-square-foot development including two fast food restaurants and a gas station.The project aims to keep Columbia residents from leaving the area to shop at large warehouse-style retailers, said Gerald E. Brock, Rouse vice president and senior development director.
NEWS
By New York Times News Service | November 24, 1992
Due to an error by Reuters, a photo caption that appeared on Page 1A in yesterday's editions of The Sun incorrectly identified John Welch Jr., chairman of General Electric Corp., as Norman Augustine, chairman of Martin Marietta Corp. A graphic that appeared on 8A had the identifications of Mr. Welch and Mr. Augustine reversed.The Sun regrets the errors.In a deal underscoring the wrenching new era for thmilitary-industrial complex, General Electric Co. is selling its aerospace division to Martin Marietta Corp.
BUSINESS
By Bloomberg Business News | December 30, 1993
JACKSONVILLE, Fla. -- CSX Transportation Inc. said yesterday that it had ordered 300 locomotives from a unit of General Electric Co. The sale is a victory for GE in the competition for orders from railroads that are replacing their aging equipment with new technology.Terms of the sale to the subsidiary of Richmond, Va.-based CSX Corp. were not disclosed. But based on industry averages, the price was estimated to be about $575 million. Whatever the figure, it was the largest locomotive order ever placed with GE."
NEWS
December 30, 2007
As reported Dec. 30, 1990, in The Howard Sun: Two decades of the General Electric Appliance Park East in Columbia come to an end Tuesday when the plant officially closes, but about 65 of the remaining employees will be able to continue working there for at least another year with a new employer. The employees are among about 140 workers GE laid off Friday. They have been hired by Holman Contract Warehousing, the contractor chosen to operate the center until the operation moves to Aberdeen in Harford County.
ENTERTAINMENT
By Luke Broadwater | April 5, 2011
Over the past couple of weeks, many commentators have been giving General Electric a hard time for not paying any federal taxes -- when other companies with similar earnings have been paying 35 percent. The company also laid off 18,000 workers while earning billions in profits.  Over the weekend, U.S. Senator Bernie Sanders (I-Vermont) named the company to his list of top 10 worst tax offenders.  "Over the past five years, while General Electric made $26 billion in profits in the United States, it received a $4.1 billion refund from the IRS," Sanders' staff wrote in a news release.  Click here to see Sanders' list of corporate tax offenders.
NEWS
By Andrea K. Walker, The Baltimore Sun | September 21, 2010
Two Baltimore-area community health centers are sharing in a grant of $500,000 from the GE Foundation, the philanthropic arm of General Electric Co. The People's Community Health Centers Inc. in Baltimore will be able to hire a nutritionist and put more resources into its educational programs. Chase Brexton Health Services Inc. will strengthen programs that treat both a patient's medical and behavioral needs. For example, a person with diabetes can get medication, but will now also be taught how to eat more nutritious foods and can get psychological counseling if needed as well.
BUSINESS
By Andrea K. Walker, The Baltimore Sun | June 7, 2010
Middle River Aircraft Systems will hire 200 people at its eastern Baltimore County plant during the next year to build brake systems for a redesigned jet that aircraft developer Boeing will soon bring to market. The additional jobs will raise the number of employees at the 1.7 million-square-foot plant to 1,000 at a time when most companies are still wary about hiring even as the economy shows signs of bottoming out. The planned hirings are a bright spot for the state's embattled manufacturing sector, which had been slowly deteriorating years before the recession hit. "This shows that companies like Middle River that really know how to embrace next-generation manufacturing can have job growth," said Mike Galiazzo, executive director of the Regional Manufacturing Institute.
BUSINESS
By Meg James and Joe Flint and Tribune Newspapers | December 4, 2009
In a momentous shift in the balance of power of the entertainment industry, cable television giant Comcast Corp. reached a deal to acquire control of NBC Universal from General Electric Co. The proposed $30 billion transaction is the fruition of a longtime ambition by Comcast's chief executive, Brian Roberts, to recast his family-controlled Philadelphia company into a leading producer of movies and TV shows and a purveyor of prominent cable and...
BUSINESS
December 2, 2009
HOLLYWOOD - Media colossus NBC Universal is a giant step closer to being sold to the nation's largest cable company in a proposed $29 billion deal. A huge barrier in Philadelphia-based Comcast Corp.'s bid to become one of the country's most powerful entertainment companies was lifted when General Electric Co. - which has owned NBC for nearly a quarter-century - reached an exit strategy with its French partner Vivendi. Late Monday's development breaks a log-jam that has held up the sale of NBC Universal.
BUSINESS
September 26, 2008
Third-quarter earnings up 21% at McCormick Spicemaker McCormick & Co. said yesterday that third-quarter earnings per share increased 21 percent as the company raised prices and saw a small benefit from the sale of its Season-All business. The Sparks-based company reported net income of $68.6 million, or 52 cents per share, for the quarter ended Aug. 31. That was compared with $56.8 million, or 44 cents per share, for the corresponding period a year ago. Sales were $781.6 million, compared with $716.
BUSINESS
By Bruce Reid and Bruce Reid,Evening Sun Staff | October 1, 1990
General Electric Co. is finalizing a deal to shift its appliance distribution center in Columbia to a Harford County business park, a move that will end the company's more than 20-year presence in Howard County.In June, GE wrapped up a shutdown of its appliance-manufacturing plant in Columbia, which began operation in the late 1960s. Within a year, said company representatives, the Columbia distribution center will be replaced by a new center in the Riverside Business Park in southern Harford, along U.S. 40 in Belcamp.
BUSINESS
By New York Times News Service | April 19, 1994
NEW YORK -- Just when General Electric Co. thought that it had put its investment banking subsidiary, Kidder Peabody & Co., on solid footing, a seemingly rogue bond trader caused it to take a $350 million pretax charge to its first-quarter earnings.On Sunday night, Kidder announced that it had fired Joseph Jett, the 36-year-old head of its government bond trading desk, and reassigned six other employees.It said that Mr. Jett had engaged in a series of phantom trades related to stripped government bonds that had caused the firm to record $350 million in profits over the last year that had not been earned.
BUSINESS
By New York Times News Service | May 15, 2008
General Electric is planning to sell its appliance division, one of the oldest businesses in the conglomerate's 120-year history, people briefed on the proposal said yesterday. A sale of the unit, which makes refrigerators, microwaves and washer-dryers among other items, could fetch at least $5 billion, these people said. GE and its investment bank, Goldman Sachs, have been laying the groundwork for an auction over the last few weeks. The sale would also mark the end of a brand of household products that made General Electric a fixture in American homes over the last century.
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