SUCCESS STORIES - GE
Presently total sales of GE in Turkey are around 1 billion USD with 200 million USD export. GE employs over 800 people in Turkey, and when the partner companies are included; this number of employees exceeds 10,000.
GE is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world’s toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and industrial products, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide.
GE traces its beginnings to Thomas A. Edison, who established Edison Electric Light Company in 1878. In 1892, a merger of Edison General Electric Company and Thomson-Houston Electric Company created General Electric Company.
In Turkey, all major working fields of GE have existed; mostly GE has operations in the fields of energy, aircraft engines, health technology, consumer goods, industrial products, water technology, security equipment, project financing, media and engineering.
First investment of GE in Turkey is the lamp plant was established in 1948 by joint venture with Koç Group which is the first foreign partnership industry in Turkey. Following that, GE switched investments to production and development of the aircraft engines. Investments in these fields started with the establishment of Tusaş Motor Industry joint stock company that produces, designs and improves aircraft engine parts, and gives technical services and logistic support. GE has 46% of the shares and 54% of the shares of Tusaş Motor Industry belongs to the Turkish Government.
Additionally, GE Marmara Technology Center has started R&D activities in production and quality processes of high quality aircrafts. Kale Power Controls, which has specialized in the production of special products in energy sector, was established with the partnership of GE and Kale Group. Besides, CNBC television channel, which is also owned by GE, is represented by Dogus Group under the name CNBC-e in Turkey.
GE involved in banking and finance sector through purchasing 25.5% shares of Garanti Bank in 2005. Moreover, at the end of 2006, GE started its investments in Turkish real estate sector through GE Real Estate Europe which purchased 50.98% shares of Dogus Holding-Garanti Real Estate Investment Partnership.
In 2006, GE generated double-digit earnings and revenue growth (163 billion USD in revenues and 20.7 billion USD of earnings). Over the past five years, GE has grown its earnings with an average of ten percent annually. GE also generated 24.7 billion USD in cash in 2006, which has given us flexibility to invest in our businesses, return more than 18 billion USD to shareowners through a dividend increase and stock buyback, and acquire new growth businesses.
