Lights out ge3/24/2023 If anyone had thought this deal was a dog, he or she should have said something, Immelt felt. They’d point fingers, mostly in private, at one another: the Power business had been mismanaged in other ways corporate hadn’t moved quickly enough on synergies by the time the companies finally managed to get the deal through Brussels in the fall of 2015, the shell of a company they had tried to buy in the spring of 2014 had dried up into a carcass.īut more than anything, they rejected the criticism that had finally begun to leak out into journalists’ accounts and the public domain. They’d say that no one could have foreseen how quickly the world would swing from believing in a steady upward trajectory for natural gas–fueled electric power to focusing instead on renewables and battery storage. In the years to come, Immelt, Bornstein, Bolze, and some board members who backed the Alstom deal would view its failure as a function of poor timing. You can listen to Gryta’s interview with Marketplace host Kai Ryssdal by clicking the media player above. The following is an excerpt from “ LIGHTS OUT: Pride, Delusion, and the Fall of General Electric” by Thomas Gryta and Ted Mann. Today, the conglomerate is no longer listed on the Dow Jones Industrial Average, and has gotten out of most of its consumer-facing businesses like light bulbs, oil and gas, and appliances. General Electric entered the 21st century as the most valuable company in the country.
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