The General Electric Company or GEC was a major British-based industrial conglomerate, involved in consumer and defence electronics, communications and engineering. The company was once a constituent of the FT 30 and FTSE 100 Index.
In December 1999, GEC was renamed to Marconi plc and became a telecommunications focused company; when its defence arm, Marconi Electronic Systems was amalgamated with British Aerospace to form BAE Systems. The financial troubles that followed the burst of the dot-com bubble in 2000/2001, led to the May 2003 restructuring of Marconi plc to Marconi Corporation plc.
In 2005, Ericsson purchased the bulk of Marconi Corporation plc, along with its principal subsidiary, Marconi Communications. The remainder of the business was renamed Telent.
Famous quotes containing the words general, electric and/or company:
“The reputation of generosity is to be purchased pretty cheap; it does not depend so much upon a man’s general expense, as it does upon his giving handsomely where it is proper to give at all. A man, for instance, who should give a servant four shillings, would pass for covetous, while he who gave him a crown, would be reckoned generous; so that the difference of those two opposite characters, turns upon one shilling.”
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