GE extend Olympic sponsorship deal beyond London 2012 to 2020
Wednesday, 29 June 2011
June 29 - General Electric Co. has extended its global Olympic sponsorship beyond London 2012 and through until 2020 in a multi-million dollar deal, it was announced today.
The International Olympic Committee (IOC) revealed at a special ceremony in Moscow GE will continue as a top-level sponsor for the 2014 Winter Games in Sochi, the 2016 Olympics in Rio de Janeiro and the 2108 Winter Games and 2020 Summer Olympics.
The 2018 and 2020 host cities have not been selected yet but the hosts for the 2018 Winter Games are due to be selected by the IOC at its Session in Durban on July 6 when the contenders will be Annecy, Munich and Pyeongchang.
GE joins Coca-Cola, Dow, Omega, Proctor & Gamble and Visa as sponsors through 2020.
The deal was announced three weeks after NBC - formerly controlled by GE and which still has a 49 per cent in the company - acquired the United States broadcast rights to four Olympics through 2020 for $4.38 billion (£2.66 billion).
The deal means that GE will continue as the exclusive provider of a wide range of innovative products and services that are integral to staging a successful Olympic Games, including including power, lighting, water treatment and transportation.
GE also supplies local hospitals with diagnostic imaging equipment and healthcare technology solutions like ultrasound, MRI and electronic medical record technologies to help doctors treat athletes.
"GE is a leading organisation, with innovation and sustainability at its core," said Jacques Rogge, the President of the IOC.
"Over the years, GE has become a vital part of the efforts to deliver sustainably responsible Olympic Games.
"We are delighted to continue our work with them."
In 2011, Forbes ranked GE, which has 287,000 employees in more than 100 countries, the third largest company in the world after JPMorgan Chase and HSBC, based on a formula that compared the total sales, profits, assets and market value of several multinational companies.
"The Olympic Movement relies on the resource and expertise of our partners in order to be able to organise a successful Olympic Games," said Gerhard Heiberg, chairman of the IOC Marketing Commission.
"GE is a world class organisation, a market leader in a wide range of fields, and a company that not only sees the potential of an association with the Olympic brand, but also truly understands and shares the Olympic values.
"I am very pleased that the Olympic Movement will be able to benefit from this partnership and understanding for many years to come."
The deal extends a partnership between GE and the IOC that started in January 2005.
"We are proud to be extending our partnership with the Olympic Movement for another eight years," said Jeff Immelt, chairman and chief executive of GE.
"The Olympic Games provide a unique opportunity to showcase our innovative technologies and services.
"Hosting a successful Olympic Games is a transformational opportunity for every host city.
"We are committed to working with the IOC and the local Organising Committees to deliver world-class infrastructure solutions and a sustainable legacy to future generations."
June 2011: NBC retain US Olympic television rights after multi-billion dollar deal