FANUC to reinforce industry-leading CNC portfolio;
GE to continue global investment in industrial automation and process control systems, software solutions and embedded computing
Charlottesville, VA, Aug. 17, 2009 -- GE (NYSE: GE) and FANUC announced today that the two companies have agreed to dissolve the GE Fanuc Automation Corporation joint venture. This agreement would allow each company to refocus its investments to grow its existing businesses and pursue its respective core industry expertise. GE and FANUC expect the transaction to be completed by the end of this year, subject to satisfactory customary closing conditions.
Established in 1986 by the joint investments of GE and FANUC, GE Fanuc Automation Corporation grew to become a leading high-performance technology company that serves a vast array of industries around the world including the energy, water, consumer packaged goods, government & defense, and telecommunications industries. The partnership delivers hardware and software solutions, services, automation and embedded computing systems; as well as industry-leading CNC products.
FANUC Honorary Chairman Dr. Seiuemon Inaba said, "Our joint venture has achieved great success toward its original mission, which was to cooperate on the global growth and technical development of the PLC and CNC business. Over this time period, markets and opportunities also have changed dramatically, and both companies further expanded into adjacent segments. Today's market conditions are such that it's imperative we pursue these expanded opportunities, and while we have achieved great things together, it's in both our best interests that we focus our efforts on industry opportunities unique to our respective companies and that will deliver greater benefits to both our companies."
GE Fanuc Intelligent Platforms CEO Maryrose Sylvester said, "GE could not have asked for better partners than Dr. Inaba and FANUC. GE is proud of what our companies have achieved together - both the industry expertise and success across our product portfolios. For GE, this change will mean a continued, intense focus on serving our customers around the world while continuing to invest in significant growth platforms like process control systems, enterprise and automation software and embedded computing as we continue to build further expertise around the GE vertical infrastructure segments."
Under the terms of the agreement:
Sylvester added, "Our top priority is a smooth completion of transition and continuity for all customers, business partners and employees. We are committed to delivering our customer commitments in every segment of our business.
About GE
GE (NYSE: GE) is a diversified global infrastructure, finance and media company that is built to meet essential world needs. From energy, water, transportation and health to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. GE is Imagination at Work. For more information, visit the company's Web site at http://www.ge.com.
About FANUC
FANUC Ltd., headquartered on the foot of Mt. Fuji, Japan, is the most diversified manufacturer of FA (Factory Automation), robots and Robomachines in the world. Since its inception in 1956, FANUC has contributed to the automation of machine tools as a pioneer in the development of computer numerical control equipments. FANUC technology has contributed to a worldwide manufacturing revolution, which evolved from the automation of a single piece of machine to the automation of entire production lines. FANUC develops better and more reliable products into the twenty-first century.
Caution Concerning Forward-Looking Statements
This document contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, particular uncertainties which could adversely or positively affect our future results include: the behavior of financial markets, including fluctuations in interest rates and commodity prices; strategic actions, including dispositions; future integration of acquired businesses; future financial performance of major industries which we serve, including, without limitation, the air and rail transportation, energy generation, media, real estate and healthcare industries; unanticipated loss development in our insurance businesses; and numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive and regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.
Elli Holman
GE Intelligent Platforms Public Relations Director
[email protected]
1-508-698-7456
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