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GE Annual Report 2001
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GE Businesses - GE Specialty Materials
Bill Woodburn, President and CEO, GE Specialty Materials
'GE Specialty Materials was created to be a new platform for GE growth. Our people are excited about our strategy of expanding this business through new product innovations and acquisitions. We are focused on providing high-value engineered materials and services to our customers through Six Sigma. We are proud of our small-company, entrepreneurial mindset and our ability to utilize the strengths of GE.'

GE Specialty Materials was formed in June 2001. Operating out of 24 locations in 11 countries, GESM is a nearly $2 billion operation that includes GE Silicones, GE Superabrasives, GE Specialty Chemicals and GE Quartz.

 With a broad product offering, GESM serves industries as diverse as automotive, cosmetics, semiconductors, oil drilling and telecommunications. Our diversity is our strength.

GE Specialty Materials is a globally oriented growth platform using technological innovation and an intense business development focus to bring more value to our customers. In 2001, we launched more than 175 new products, creating more than $200 million in new revenue. We are identifying and pursuing global businesses to complement our existing components and launch GE into new products and services.

Recently, GE Specialty Materials signed a definitive agreement to acquire BetzDearborn, a global service company specializing in the engineered chemical treatment of water and process systems. BetzDearborn will increase GESM's annual sales by 50%. With more than 2,000 engineers who will call on customers globally, the use of Six Sigma tools and At the Customer, For the Customer projects, BetzDearborn promises to be an exciting new GE global growth platform. Additionally, we expanded our existing product portfolio with the acquisition of two silicone custom compounders.

GESM continues to invest for the future through a major joint venture siloxane plant near Bangkok, Thailand, and the opening of a silicone finishing plant in Shanghai, China. We are also investing in new technologies like our high-performance Crucible in our Quartz business.

 We are using Digitization to improve the quality of our execution and of our employees' jobs and to reduce our operating costs. In 2001, these programs positioned GESM to reduce "back room" costs by nearly 20%.

Leveraging the GE strengths of innovation, global reach, services and Six Sigma creates a solid platform for growing GE's newest business – Specialty Materials.

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