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Press Release

GE Expands its Silicones Business in China

October 23, 2002

SHENZHEN, China--(BUSINESS WIRE)--Oct. 23, 2002--
- GE Toshiba Silicones and Shenzhen Guanghua Enterprises
Development Celebrate New Silicone Elastomer Joint Venture in
Shenzhen -
GE Toshiba Silicones, one of the world's major silicone manufacturers and a Pacific base of GE Silicones, together with Shenzhen Guanghua Enterprises Development Company Ltd. of China, announced today that they have entered into a new joint venture in Shenzhen, Guangdong Province, China.
The new joint venture company is called Shenzhen GETOS Fine Silicones and will manufacture and sell silicone elastomer products. The new company held a grand opening ceremony today at its manufacturing site in Shenzhen, China.
Shenzhen GETOS Fine Silicones is owned 51% by GE Toshiba Silicones, and 49% by Shenzhen Guanghua Enterprises Development Company, a subsidiary group company of Shenzhen Investment Holding Corporation. It was established and began operations in September 2002. The total investment amount is US$6 million.
In forming Shenzhen GETOS Fine Silicones, Shenzhen Guanghua Enterprises Development's silicone elastomer business was transferred to the new company. It manufactures and sells a wide range of high quality silicone elastomer products to serve customers in more than 20 provinces in mainland China and Hong Kong in industries such as building and construction, electrical/electronics, automotive, appliance, and healthcare.
"By combining the technological and management strengths of GE Toshiba Silicones and Shenzhen Guanghua Enterprises Development, we are building a dynamic, new company that will provide more value-added products and services to our local customers," said Akihiko Kumagai, president and chief executive officer of GE Toshiba Silicones. "This investment also marks GE's first manufacturing base in Shenzhen. China represents a large growth opportunity for us. We are excited about the chance to expand our business in the region and also feel very fortunate to have a great company like Shenzhen Guangua Enterprises Development as our partner."
Pang Datong, President of Shenzhen Investment Holding Corporation added, "We are excited about this new joint venture. GE Toshiba Silicones has a long successful history and significant experience in Japan and around the world. With their global and financial strength, the new company further enhances Shenzhen's operations to better serve our customers."
Silicone is a man-made material in which organic and inorganic substances are chemically combined. Silicones have uniquely superior heat resistance, cold resistance, water repellence, and electrical characteristics. They are available in many forms - oils, gums, resins, and fine particles - and can flexibly meet the demands of various market.
Founded in 1971 and headquartered in Tokyo, GE Toshiba Silicones manufactures and sells a wide range of silicones products for industrial and consumer markets. A joint venture of General Electric (GE) and Toshiba, it currently operates in 12 Asian countries with over 700 employees. Among the markets served are construction, electrical/electronics, personal care and household products, automotive and healthcare equipment. The company also serves as the Pacific base of GE Silicones and provides its products and services to customers not only in Asia Pacific but also globally. To accelerate its service in the China market, GE Toshiba Silicones Shanghai plant started full-scale production in July 2001. GE Toshiba Silicones' website address is http://www.getos.co.jp.
Shenzhen Guanghua Enterprises Development Company Ltd. was founded in 2000 as a subsidiary of Shenzhen Investment Holding Corporation. Shenzhen Investment Holding mainly engages in the investment and operation of industrial - projects within China.

The New Joint Venture Profile

Company name: Shenzhen GETOS Fine Silicones Co., Ltd.

Headquarters: Shenzhen Petrochemical Ban Tian Hi-Tech Industrial

Zone, Ban Tian, Long Gang District, Shenzhen,

Guandong Province, People's Republic of China

Representatives: Jimmy Bai, Chairman

Frank Li, General Manager

Foundation: September 10, 2002

Shareholders: GE Toshiba Silicones (51%)

Shenzhen Guanghua Enterprises Development (49%)

Number of

employees: Approximately 150

Business

operations: Manufacturing, processing, marketing and sale of

silicone elastomers, and related technological and

new product development.


--30--eb/ny*

CONTACT:

GE Toshiba Silicones/GE

Miharu Wada, Communications, GE Toshiba Silicones

Phone: (81-3) 3479-5361

e-mail: [email protected]

OR

GE China

Geoff Li

Communications & Public Relations

Phone: (86-21) 6288-1088 ext. 588

e-mail: [email protected]

OR

GE Silicones

Milissa Rocker, Communications

Phone (1-518)-233-3893

e-mail: [email protected]

OR

Shenzhen Guanghua Enterprises Development

Angela Guo

Phone:(86-755) 8321-0563

e-mail: [email protected]


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