GE’s 2010 annual shareholders meeting is getting underway this morning at 11 a.m. ET in Houston, Texas, which is home to an array of GE’s energy businesses. The theme of the meeting is “Renewal,” and it’s an opportunity for Chairman and CEO Jeff Immelt to underscore that the business environment for GE continues to improve and that the 2010 framework outlined for the company remains achievable with upside potential. It’s also a chance for GE’s leadership and board members to hear directly from shareowners and get direct feedback about the company’s direction, business performance, and opportunities for growth. Click here to see a live webcast of the remarks made by Jeff and Keith Sherin, Vice Chairman and CFO. A rebroadcast will also be available later in the day.
Feeling energized: GE has nearly doubled its size in Houston in recent years through the acquisitions of PII Pipeline Solutions in 2002 (which moved to Houston); VetcoGray in 2007, and Hydril Pressure Control in 2008 (both based in Houston originally). More than one-third of the world’s electricity is generated by GE technology. The photo above shows a large generator stator, which is the stationary part of a rotor, being checked. A turbine supplies the mechanical energy that feeds the generator.
With Houston in the spotlight this week, GE’s presence in the region’s energy sector is on display for the 700 shareholders expected to attend the meeting. GE currently employs more than 4,100 in the greater Houston area in eight businesses: Aeroderivative Gas Turbines, Jenbacher Gas Engines, Gasification, Oil & Gas, Water, Optimization and Control, Power Services, and Consumer and Industrial. As Jeff wrote in this year’s annual report, the continuous research underway in new technologies in these businesses is one of the key drivers of GE’s current, and future, success. “In 2010, we will spend about 5 percent of our industrial revenue on R&D,” he wrote. “We have filed 20,000 patents this decade. We have nearly 40,000 engineers and scientists around the world.” That R&D focus can be seen in areas such as wind power, where a $1 billion investment has led to $29 billion in orders.
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Marvelous contribution to the health of Houston and Legacy.Do you suppose that you might contribute the same kind of support to the health and welfare to the millions of us that are employees,retirees, and stockholders by restoring the dividend back to that before the recent financial crunch?
L believe Jeff Immelt is on the right course in bringing GE back to its core strengths that have been favorably known to our worldwide customers in the energy, power gen, and heavy industry as far as I remember as old IGE sales manager and sales rep. senior elfun, retiree 1984.
Believe we strayed too far in the entertainment srea and financing beyond our original aims which were to finance those opportunities and projects important to expanding our business not only in the USA but abroad through export, jopint manufacture where necessary and licensing when the market required. We are and have always been a great outfit and wherever we served in the USA or abroad we were always ready to meet the challenge. This is very long but wanted to be sure our new leadership had the full support of the old. Bill Ward
How does it make sense to restore the dividend to 31 cents if it means risking losing your principal?
When GE earns 3.05 a year, then you can have you 31 cents x4 payments back.
But Unsustainable dividends risks the franchise.
I’m upset about Warren Buffet’s sweetheart deal, while we “sustain” the Company.
I am still S&SP and just got dividend check Sat in the mail, 5 day later than when GE handled the account. Then I checked the amount—basically i was shorted by 76 shares. X amount of shares times .10 a share = Xamount times ten, correct—-well folks not the way math is done now—-we retirees and shates holders in S&SP should revolt with the way our money is handled and STOLEN. Do not sugarcoat it itis not the correct amount of money. What can we do???????? What is Fidelity doing to you—not for you?????