GE Transportation Systems turned in a solid performance in 2001 despite a significant decline in locomotive demand. The sixth consecutive year of double-digit services growth offset lower locomotive revenues.

New orders for GE Transportation Systems totaled more than $5 billion, including the largest locomotive service partnership in our history, with Union Pacific Railroad. GETS will continue to accelerate maintenance service partnerships with our customers over the next year. GETS also won the majority of new locomotive orders in 2001, including an order from VIA Rail Canada and multi-year deals with Burlington Northern, Santa Fe and Norfolk Southern.

Adding momentum to our services growth was the acquisition of locomotive service assets from the Wabtec Corporation. This gives us the capability to provide aftermarket products and perform fully competitive maintenance services for EMD locomotives, a $1 billion opportunity that more than doubles the growth potential for this business.

Our customers also began to feel the impact of Six Sigma in their wallets as our quality initiative reached full stride within their organizations. In addition to full-time, dedicated Black Belts at their locations, customers have trained scores of their own employees to accelerate the impact throughout their companies.

2001 was a record productivity year for Transportation Systems, largely the result of GE's Digitization and Six Sigma quality initiatives. The business saved more than $100 million by digitizing its field operations, which resulted in faster, more efficient customer collaboration, auctioning material purchases online and leveraging digital communications.

GE Transportation Systems is more committed than ever to customer success backed by a dynamic portfolio of high-technology products and services.

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