Information  X 
Enter a valid email address

General Elec. (IRS) (GEC)

  Print      Mail a friend

Tuesday 03 July, 2001

General Elec. (IRS)

GE Statement on EU Decision

General Electric Company (IRS)
3 July 2001



General Electric Company


                         STATEMENT BY GENERAL ELECTRIC
                     REGARDING EUROPEAN COMMISSION DECISION

FAIRFIELD,  Conn.  -  July 3, 2001 - The General Electric Company  issued  the
following statement today:

We  are deeply disappointed by today's decision by the European Commission  to
block  GE's  acquisition  of Honeywell. The Commission  took  a  fundamentally
different  approach to competitive issues than its counterparts in  the  U.S.,
Canada  and nearly a dozen other jurisdictions, which approved the acquisition
with few, if any conditions.

We  strongly  disagree with the Commission's conclusions about the competitive
effects  of GE's acquisition of Honeywell and its statements about the  market
position  and  influence  of  GE  Aircraft Engines  and  GE  Capital  Aviation
Services.  The  facts  just don't support these assertions.  We  believe  this
acquisition  would  have  clearly benefited consumers  in  terms  of  quality,
service and prices.

GE and Honeywell agreed on two different proposals to clear the deal, offering
very  significant  concessions to meet the Commission's  concerns.  Both  were
rejected by the Commission.

GE  Chairman and CEO Jack Welch said, 'I feel profound regret at this  setback
for  the  thousands of GE and Honeywell employees who worked so hard  for  the
last eight months in an attempt to make this deal happen.'

GE,  with 2000 revenues of $130 billion, is a diversified technology, services
and manufacturing company with a commitment to achieving customer success.  GE
operates in more than 100 countries and employs 313,000 people worldwide.  For
more information, visit the company's Web site at http://www.ge.com.


Contact:                 Gary Sheffer, (203) 373-3476
                         Louise Binns, (203) 373-3044