As a global leader in material innovation, GE Plastics brings a unique combination of technology, productivity and digitization to our customers worldwide. We managed our business through a challenging world economy in 2001, characterized by declines in sales and earnings that were indicative of global market weakness. Even in this tough environment, we made investments in our business to reposition GE Plastics for future growth.

In 2001, our ability to drive operational excellence based on Digitization and Six Sigma initiatives was a key driver of our business performance. Our efforts in these areas enabled us to deliver another record year of online sales ($2.5 billion), allowed us to reach thousands of global customers with our popular series of e-seminars, and reduced our "span" to industry-leading levels. Internally, programs such as the digitization of our "back room" processes helped generate 7% variable cost productivity for the core business.

 We continue to focus on developing new, proprietary technology to help customers create exciting applications and differentiate products in the marketplace. In aesthetic technologies, our Visualfx™ material portfolio brought vibrant, eye-catching color and new designer surface effects to a variety of our consumer and business equipment customers. New optical-quality grades of our Lexan® polycarbonate resin are allowing customers to pack more information than ever onto optical storage media and use high-speed manufacturing processes for recordable CDs and DVDs. In 2002, our next-generation technology promises to open exciting new markets for our media customers.

Automotive applications remain a key focus for our business, and we introduced some revolutionary technologies to this segment in 2001. Our Noryl PPX® resin, which offers automotive customers expanded levels of design flexibility, and our Sollx™ polymer, which creates a surface appearance equal to automotive paint systems, are two exciting new product introductions. The use of these materials will offer our auto industry customers the benefits of greater design freedom, fuel efficiency and cost savings.

2001 was also a year of global focus for GE Plastics, which was highlighted by our ongoing investment in China. During the last year, we grew our position to rank as the strongest engineering thermoplastics business in that country, with two manufacturing plants, 12 field sales offices, key application development centers and over 550 employees. Our growth strategy in China sets the stage for Plastics growth in 2002 and beyond.

Operational excellence in initiatives, product innovation, customer-centricity and global investment continue to position GE Plastics for strong performance in a challenging world economy and accelerated growth in any positive economic environment.

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