GE Oil & Gas?

[Mom2Feebs]

I guess it would sb, going from what, $40 to $2 per share? That sucks, I am sorry! I hope it comes back sooner than later!

[sbhubbell]

LOL thanks for the sympathy, pretty much everyone with any kind of stocks or 401K is in pain right now! Thank goodness I'm young enough to be able to close my eyes and ignore it for awhile, since I won't need to live on those investments for a LONG time.

The people I REALLY feel for are the not the ones losing money in the market, they are the ones who were bilked out of so much by Madoff and possibly this Stanford guy...

[Mom2Feebs]

I guess I should be thankful hubby's retirement plan is not a 401K. That Stanford dude looks like a reeeeal class act. Coward.

[SilverWings]

GE Oil & Gas is their heavy equipment division that serves the oil and gas industry (not surprisingly) Among other things, they own what used to be Allis Chamers (A-C) Compressor in Appleton, WI and Nuovo Pignone, a compressor/pump company from Italy.

GE is also a major manufacturer of Gas Turbines for power generation, Jet Engines (basically the same thing), large Electric motors of all sizes, machinery instrumentation (Bently-Nevada), and the largest US supplier of Wind Turbines. And apparently locomotives based on that commercial from awhile back.

They aren't just toasters and light bulbs anymore!

[Mom2Feebs]

Originally Posted by SilverWings

GE Oil & Gas is their heavy equipment division that serves the oil and gas industry (not surprisingly) Among other things, they own what used to be Allis Chamers (A-C) Compressor in Appleton, WI and Nuovo Pignone, a compressor/pump company from Italy.

GE is also a major manufacturer of Gas Turbines for power generation, Jet Engines (basically the same thing), large Electric motors of all sizes, machinery instrumentation (Bently-Nevada), and the largest US supplier of Wind Turbines. And apparently locomotives based on that commercial from awhile back.

They aren't just toasters and light bulbs anymore!

I am very familiar with their jet engines and wind turbines. I just didn't know they were into oil and gas.

[William123]

I have worked for GE Healthcare for the past 15 years and was thinking about applying for a position with Gas & Oil cause I want to get out of South FL.

[astrohip]

Originally Posted by Mom2Feebs

When did General Electric get into the Oil & Gas Industry?

About three years ago, when they bought Vetco Gray. They made a major decision to get into the O&G service field at that time.

Originally Posted by dcoolbro

My boss told me when he moved to Houston 30 years ago, he was working at GE's energy division. So i think they've been in oil and gas a while now. Maybe they're starting to really expand though.

You're confusing GE Energy/GE Power Systems, both of which have been around a while, with the new GE O&G division.

Originally Posted by sbhubbell

was surprised to learn that (I think) as much as 30% of their revenue was coming from financing.

How 'bout 50%! That's what made their stock tank a year ago. I think they have driven it down to about 30% now; if not, they'll be there soon.

Between the shrinking of GE Capital and the selling of NBC/Universal, GE is moving their focus back into the heavy industry, capital-intensive fields they've done so well in. GE Medical, Power Systems, Aviation, Rail, etc. Huge cash flows, yet high barrier to entry for competitors.

GE has the deepest pockets of any company in the US. And the management to wield it well.

[geekhou05]

GE purchased Vetco Gray in 2007 and named it GE Oil and Gas. I had a family member who worked at their site on Roslyn North Houston.