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AlstomrightAlstom (formerly GEC-Alsthom) is a large French company whose businesses are power generation and manufacturing trains (e.g. the TGV and Eurostar) and ships (e.g. the Queen Mary 2). According to the company website, in the year 2001/02 Alstom had annual sales of over €23 billion, and employed more than 118,000 people in over 70 countries. The current CEO is Patrick Kron, who succeeded Pierre Bilger. Financial information Alstom is traded in the stock markets of Paris and New York and until November 2003 was also traded on the London stock exchange. When the markets closed on 12 March, 2003, its market capitalization was €380.2 million. History The name of the company derives from the French region of Alsace and the surname of the engineer Elihu Thomson. The company always writes it in capitals, ALSTOM, even though it is not an acronym. GEC Alsthom It was formed in 1988 from the heavy engineering interests of Britain's GEC and Compagnie Gnrale d'Electricit's (CGE) Alsthom division as GEC Alsthom. In 1991 CGE adopted the name Alcatel Alsthom and in 1998 this became simply Alcatel. Alstom In December 1997 GEC Alsthom had its initial public offering as Alstom. GEC and Alcatel maintained 24% shares in the new company. Shares were initially at a price roughly equivalent to 32 euros. Between January and February 2001 Marconi plc (the renamed GEC) sold 76.4% of its 24% share. The remaining 5.67% share was sold in June. Also in 2001 Alcatel sold its 24% stake. The share price fell steeply following the September 11, 2001 terrorist attacks when a number of cruise liner orders failed. On 12 March, 2003, shares dipped 50 per cent in one day, and finished at 1.36 euros. At this point it was announced that the most profitable division of the company would be sold off: its power transmission interests. In January 2004 these were transferred to Areva. See also External links
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