Outside Erie

5 Responses to “Attending the GE Meeting?”

1. George Vietze
   April 22nd, 2008 at 1:31 pm

   Peter, do you have to be a shareholder to attend the meeting?

2. Peter Panepento
   April 22nd, 2008 at 2:27 pm

   That is typically how companies set the rules for these events.

3. George Vietze
   April 23rd, 2008 at 6:29 pm

   Jeff Immelt praised Erie and said by all the laws of nature why would GE chose Erie, Pa. from all the other choices? Three reasons, the City, the people and the progress in Erie. Erie has become a thriving, hi-tech, global location that is two generations ahead in technology. Over $2billion dollars in the last two years has been spent on research and development. Its people and productivity, it used to take 80 days to build a locomotive and now it takes 10 days. Exports are flourishing, best production and lowest cost facility in Erie. In 1990 Erie had 35% of the market at the Erie plant and today over 75%.

   All the comments were not as positive outside of the Erie operation. Missed guidance mandated increased forecasting systems that have now reduced etimates for future earnings and the new guidance for 2008 is for 0-5% growth, that said in 2007 GE made more money than any other company with the exception of Exon Oil, said Immelt.

   Comments were made by shareholders about GE selling products to Iran. Older retirees demanded COLA increases in retirement pay, and the typical disgruntled shareholders made their annual comments.

   To my surprise, no big major news for Erie was forthcoming, in fact, in my perception Immelt could not end the meeting soon enough. He may be on the hot seat, my personal opinion is that he is a good CEO and doing a creditable job in a bad economy and I believe he is good for Erie. The meeting at the Convention Center was very professional and the displays of products was impressive.
   The Chamber of Commerce had information available as well as the Manufacturing Assoc. had copies of their magazine available. The hotel parking lot was torn up and it is hard to understand that in Erie you cannot enter the hotel from the parking garage, not a problem now but in January a different story.

   The crowd was large, seemed about 1,900 people who hopefully will be impressed with Erie, we have come a long, long way.

4. Erie BlogWatch
   April 24th, 2008 at 1:36 am

   The “morning after” 4 questions {with apologies to those readers currently observing the holiday of Passover}:

   Hung over, held over, won over ?

   Overlooked, overwhelmed, overjoyed, over and out ?

   What has really changed for Erie ?

   Why is this day different from all other days ?

5. George Vietze
   April 24th, 2008 at 2:51 am

   Great questions! What is different today in Erie? Why Erie?

   Jeff Immelt knows Erie. One of his first comments to over 1,900 people, some of whom, like the Board of Directors looked like some of the most important business leaders in the nation, as he was to trying to explain why he chose Erie. 1. City 2. People 3. Progress, from his perspective, through the eyes of GE, Erie is the location where GE Transportation, in a short period of time became a global technological giant who went from 35% of the market in locomotive production to over 75% creating billions of dollars for GE. They have invested $15 million dollars in local educational funds to train qualified employees for the FUTURE of GE and Erie.

   How does all this effect Erie and its future? Erie now has had international, national and local positive exposure both from GE and the election. If GE has chosen Erie because of the ASSETS of Erie and the City, the people and the progress was good for GE why would not the same model be good for other businesss ventures. If you heard the comments from the crowd and spoke to the people attending the event, some of whom had been to Erie or past through Erie in the past but had not seen Erie in years. The CONVENTION CENTER WAS IMPRESSIVE! The new hotel, although not completely detailed with the construction going on in the parking lot, it looked like a City that was ON THE MOVE! To those of us that understand LOCATION, to view the Convention Center, the hotel connected next door, the Bayfront sitting like a rough-cut jewel ready to be cut and polished. A discerning eye could see the potential of retail shops, larger yacht club activity, theme park activity. New information was available for those who wanted to inquire further about this IMPROVING area that was good enough for the world’s largest conglomerate. What city is left in the nation with the undeveloped potential and the unbelievable LOW COST OF REAL ESTATE compared to that potential. People were picking up the Erie Magazine left on the tables by the Chamber of Commerce and the Business Magazine left by the Manufactures Association. I went to the meeting and listened to the comments of the crowd, I had breakfast at the Sheraton and went back after the meeting and had lunch, just to listen to the tempo of the attendees. This has been some of the best exposure and advertising for Erie that one could imagine.

   Erie has been on C-span, Fox News, written about by many newspapers and journalists and is getting a fresh look by lots of people. Erie is not just a little old rusty city with no place to go, Erie has a MANUFACTURING base a MEDICAL base, a EDUCATIONAL base, a TOURIST base, a GAMBLING base and soon to be increased thoroughbred HORSE farm base. It is located within 500 miles of 50% of the population of the United States, according to local information and has easy road access and hopefully new easy access by AIR. A good qality of life, clean air, and not let us forget WATER and affordable real estate.

   Erie is not perfect, but what place is, we have political challanges, city infrastruction problems, financial burdens within the City and County. Erie is making progress but it is not going to be solved overnite. In the meantime, some of us like the hometown feel, less traffic, clean air, country feel, friendly people and lifestyle as we watch Erie grow to its potential.

   A great deal is different today, in my opinion, Erie has has a NEW LOOK BY MANY PEOPLE WHO HAVE VISION OR WOULD NOT HAVE BEEN IN THE POSITION IN BUSINESS THAT THEY ARE
   and the wheels will turn…..I wish I could fast forward that beautiful BAYFRONT 20 YEARS FROM NOW…….and compare it to YESTERDAY…….I remember all the comments I have heard when I was in Southern California, Vegas and places like Arizona, comments like, “I could have purchased property here in 19—for _____and now look what it is worth? If you cannot see the potential in looking at that BAYFRONT on a beautiful day like yesterday not amount of explanation could change your view. Is Erie different after all this exposure in April?
   I believe it was an advertising opportunity capitalized on the day that ONE PERSON answered Peter Marsh, the Financial Times editor and the now infamous UNFASHIONABLE comment, that was the incident that started the ball rolling and it has not stopped yet. Is Erie better of today? I believe it is but maybe I am just an optimist with rose colored glasses looking a life through my lense.
   After all, isn’t that what you do……..