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