GE Reports

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.

Healthy Houston: The grant will “allow us to increase access and improve our services for the more than 33,000 patients and almost 130,000 visits we have annually,” said Legacy Community Health Services executive Katy Caldwell, pictured above with Jeff Immelt at the press conference.

Building on GE’s long presence in the city, the GE Foundation — which is the philanthropic organization of GE — and the GE Corporate Diversity Council yesterday announced the award of $1.25 million in total to five Houston community health centers toward the goal of increasing access to primary care for uninsured and underserved populations across the city.

The grants are part of the GE Developing Health Program’s nationwide, 10-city healthcare effort that will provide $25 million in grants over three years. The grant announced yesterday in Houston is the largest grant to date for the Developing Health Program and follows similar ones made in New York City and Milwaukee.

Each of the five health centers will receive $250,000 — and GE employees from the area will also volunteer their time. The unique approach ensures that the health centers also benefit from GE’s expertise in areas such as process improvement and business management. “This program and the volunteers supporting it are a living example of GE’s healthymagination strategy to help change the world’s approach to healthcare by touching more lives and improving quality of care,” said Mike Barber, VP, GE healthymagination.

In the video below, we’ve combined eight clips featuring the GE team and leaders of the clinics receiving the grants:

* Read “Twenty thousand patents this decade, and counting… “ on GE Reports
* Read the Developing Health grant announcement
* Learn more about Developing Health
* Learn more about the sister program, Developing Health Globally
* Visit GE’s Annual Report website
* Read Energy stories on GE Reports
* Read “Milwaukee clinics upping access with new grants” on GE Reports
* Watch a video: “Developing Health: A clinic grows in Brooklyn” on GE Reports