Editing General Electric Company (section)

===Acquisitions and mergers (1984–97)===
GEC had become the UK's largest and most successful company and private employer, with about 250,000 employees.{{citation needed|date=February 2015}} In 1984, it became one of the first companies in the new [[FTSE 100 Index]], ranking third in value behind [[BP|British Petroleum]] and [[Shell plc|Shell Transport and Trading]].<ref>{{cite web |url = https://www.thetimes.com/business-money/companies/article/share-index-has-not-rewarded-innovation-jfp2b3zjgfg |title = Share index has not rewarded innovation |work = [[The Times]] |first = Graham |last = Searjeant |date = 11 May 2007}}</ref>

In 1985, GEC acquired [[Yarrow Shipbuilders]] from [[British Shipbuilders]].<ref name=govan>{{cite web |url = http://govan.eveningtimes.co.uk/area/what-do-you-know-about-govan.html |title = What do you know about Govan? |publisher = Evening News |archive-url = https://web.archive.org/web/20080705223004/http://govan.eveningtimes.co.uk/area/what-do-you-know-about-govan.html |archive-date=5 July 2008 }}</ref> In 1988, [[GEC Plessey Telecommunications]] (GPT) was created when GEC bought [[Plessey]].<ref name=ipd/> The following year, GEC and [[Siemens]] formed a joint company, GEC Siemens plc, to take over Plessey. As part of the deal, GEC took control of Plessey's avionics and naval systems businesses.<ref name=ipd/>

[[File:General Electric Company plc 1994.jpg|thumb|General Electric Company share certificate, issued in 1994]]
In early 1989, GEC and French company [[Alstom|Alsthom]] merged their power generation and transport businesses in a new joint venture, GEC-Alsthom.<ref name=CH-GEC-ALS-01>{{cite web |url=https://www.france24.com/en/20170926-alstom-key-dates-french-industrial-jewel |title=Alstom: the key dates of a French industrial jewel |work=france24.com |date=26 September 2017 |access-date=3 September 2023}}</ref><ref>{{cite web |url = https://collection.sciencemuseumgroup.org.uk/people/ap26977/gec-alsthom-limited |title = GEC Alsthom Limited |publisher = [[Science Museum Group]] |access-date = 24 September 2023}}</ref> In May 1989, GEC-Alsthom bought British rail vehicle manufacturer [[Metro-Cammell]].<ref>{{cite magazine |title=GEC swallows Metro-Cammell |magazine=[[Railway Gazette International]] |date=July 1989 |page=457}}</ref>

In early 1996, the [[Otis Elevator Company]] acquired The Express Lift Company from GEC.<ref>{{cite web |url=https://www.bloomberg.com/press-releases/1996-04-02/otis-elevator-and-general-electric-company-gec-reach-agreement |title=Otis Elevator and General Electric Company (GEC) reach agreement on purchase of Express Lift Company |date=2 April 1996 |website=Bloomberg |access-date=28 October 2021}}</ref> By the mid-1990s, GEC was making profits of £1&nbsp;billion, had cash reserves of £3&nbsp;billion, and was valued at £10&nbsp;billion.<ref name=olw>{{cite news |url=https://www.telegraph.co.uk/news/obituaries/1402296/Lord-Weinstock.html |archive-url=https://ghostarchive.org/archive/20220112/https://www.telegraph.co.uk/news/obituaries/1402296/Lord-Weinstock.html |archive-date=12 January 2022 |url-access=subscription |url-status=live |title=Obituary: Lord Weinstock |newspaper=[[The Daily Telegraph]] |date=24 July 2002 |access-date=9 November 2015}}{{cbignore}}</ref> 

The move towards electronics and modern technology, particularly in the defence sector, was a departure from the domestic electrical goods market. GEC acquired the [[Edinburgh]] based [[Ferranti]] Defence Systems Group in 1990 as well as part of Ferranti International's assets in Italy.<ref>{{cite news |url=http://www.heraldscotland.com/news/11979034.GEC_buys_out_Ferranti_____Shock_at__310m_deal_on_heels_of_radar_moves/ |title=GEC buys out Ferranti in shock £310m deal |newspaper=[[The Herald (Glasgow)|The Herald]] |date=24 January 1990 |access-date=9 November 2015}}</ref> It also bought [[Vickers Shipbuilding & Engineering]] (VSE) in 1995. VSE was willing to participate in a merger with a larger company to reduce its exposure to cycles in warship production, particularly in light of the post-[[Cold War]] "[[Options for Change]]" defence review. Following GEC's purchase, VSE became Marconi Marine.<ref>{{cite web |url = https://www.independent.co.uk/news/business/gec-makes-rival-bid-for-vsel-1445530.html |title = GEC makes rival bid for VSEL |work = The Independent |date = 29 October 1994}}</ref><ref>{{cite web |url = https://api.parliament.uk/historic-hansard/commons/1995/may/23/vsel |title = Parliamentary debates |publisher = [[Hansard]] |date = 23 May 1995}}</ref><ref>{{cite web |url = http://www.janes.com/articles/Janes-Navy-International-95/GEC-S-KNOCKOUT-BID-WINS-FIGHT-FOR-VSEL.html |title = GEC's knockout bid wins fight for VSEL |publisher = Jane's |date = 1995}}</ref>

During 1996, Lord Weinstock retired as GEC's managing director and was replaced by [[George Simpson, Baron Simpson of Dunkeld|George Simpson]].<ref name = "Julian destruction"/><ref name = "cover insider"/> In July 1997, the company announced the outcomes of a major review: it would move away from its joint ventures and focus on moving toward "global leadership" in defence and aerospace ([[Marconi Electronic Systems]]), industrial electronics (GEC Industrial Electronics), and communications ([[Marconi Communications|GEC Communications]]).<ref>{{cite news |title = Strategic shake-up at GEC |date = 9 July 1997 |newspaper = [[The Scotsman]]}}</ref> Simpson, along with finance director John Mayo, decided to pursue a risky strategy of pursuing fast growth via rapid acquisition of numerous other companies, particularly within the United States.<ref name = "Julian destruction"/>

In February 1998, [[Marconi Instruments]], the test equipment arm of GEC, was sold to [[IFR Systems]].<ref>{{cite web |url = http://www.marconi.com/Home/press_office/News+&+Events/News+Archive/1998/February/GEC+Sells+Marconi+Instruments |title = GEC Sells Marconi Instruments |website = Marconi |access-date = 17 December 2018 |archive-url = https://web.archive.org/web/20060118232138/http://marconi.com/Home/press_office/News%20%26%20Events/News%20Archive/1998/February/GEC%20Sells%20Marconi%20Instruments |archive-date = 18 January 2006 |url-status = dead}}</ref>

In March 1998, GEC announced the merger of its radar and avionics business with Alenia Difesa to form [[Alenia Marconi Systems]].<ref>{{cite news |url = https://www.independent.co.uk/news/business/gec-prepares-to-launch-pounds-5bn-telecoms-and-defence-strike-1148594.html |title = GEC prepares to launch £5bn telecoms and defence strike |newspaper = [[The Independent]] |date = 6 March 1998 |access-date = 9 November 2015}}</ref>

In June 1998, it completed the $1.4bn acquisition of major American [[Arms industry|defence contractor]] [[Tracor]], which became part of MES.<ref>{{cite news |url = https://query.nytimes.com/gst/fullpage.html?res=9403E4D81F3CF931A15757C0A96E958260&sec=&spon= |title = GEC of Britain agrees to buy Tracor |newspaper = The New York Times |date = 22 April 1998 |access-date = 5 June 2010}}</ref> The same month, GEC sold its share of the joint venture [[Alstom|GEC-Alsthom]] on the Paris stock exchange.<ref name=CH-GEC-ALS-01/>

After most of its US acquisitions failed, GEC began to make a loss. The cash reserves that Lord Weinstock had built up during the 1980s and early 1990s had been all but depleted, and the company was heavily in debt.<ref name=olw /><ref name = "cover insider"/>