Imagination at Work
April 15, 1892: GE Founded
The General Electric Company (GE) is founded. It was formed by the merger of Edison General Electric (started by Thomas Edison in 1890) and the Thomson-Houston Electric Company. GE was one of the original 12 companies listed on the Dow Jones Industrial Average and in 2010 was ranked by Forbes as the world’s second largest company.
Before 1889, Thomas Edison had business interests in many electricity-related companies: Edison Lamp Company, a lamp manufacturer in East Newark, New Jersey; Edison Machine Works, a manufacturer of dynamos and large electric motors in Schenectady, New York; Bergmann & Company, a manufacturer of electric lighting fixtures, sockets, and other electric lighting devices; and Edison Electric Light Company, the patent-holding company and the financial arm backed by J.P. Morgan and the Vanderbilt family for Edison’s lighting experiments.
In 1889, Drexel, Morgan & Co., a company founded by J.P. Morgan and Anthony J. Drexel, financed Edison’s research and helped merging those companies under one corporation to form Edison General Electric Company which was incorporated in New York on April 24, 1889. The new company also acquired Sprague Electric Railway & Motor Company in the same year.
At about the same time, Charles Coffin, leading Thomson-Houston Electric Company, acquired a number of competitors and gained access to their key patents.
General Electric was formed by the 1892 merger of Edison General Electric Company of Schenectady, New York and Thomson-Houston Electric Company of Lynn, Massachusetts with the help of Drexel, Morgan & Co. Both plants continue to operate under the GE banner to this day. The company was incorporated in New York, with the Schenectady plant used as headquarters for many years thereafter.
Edison in Schenectady – 1922