PLAINVILLE, Conn.--August 2, 2002--GE Industrial Systems, a division of General Electric Company (NYSE:GE), announced today that it has signed an agreement to acquire NovaSensor Inc., a subsidiary of TRW Inc. (NYSE: TRW). NovaSensor(R)is a leading provider of high-technology products to medical, automotive and industrial process control markets.
The transaction, which is subject to government approvals and ther customary conditions, is expected to close in the third quarter of 2002. The NovaSensor business, based in Fremont, California, will bcome a part of the GE Measurement & Sensing Technologies business within GE Industrial Systems. Terms of the transaction were not disclosed.
NovaSensor has been a pioneer in developing effective technologies in micromachining process design. Their primary focus is on pressure sensing and MEMS technology for the following applications:
-- Medical High volume production of pressure sensors for use in products such as disposable blood pressure monitors.
-- Automotive Pressure sensors for automotive applications that improve safety, comfort and performance, such as tire pressure monitoring
-- Industrial Pressure sensors sold to large industrial OEMs in areas such as food processing, hydraulic monitoring, wastewater treatment and manufacturing.
The NovaSensor acquisition is an example of how we are continuing to invest to meet our customers' demand for innovative and leading edge technologies that make peoples lives better, said Lloyd Trotter, President and CEO, GE Industrial Systems. NovaSensor complements our recent acquisitions of the sensing businesses of Spirent plc and Druck Holdings plc. in both customers served and the technologies provided.
John Pendergrass, President and General Manager of NovaSensor, commented, Together with GE, NovaSensor's capabilities in MEMS technology and high-volume manufacturing will produce a broad and diversified product portfolio for our combined customers.
According to Paul Wood, General Manager, GE Measurement & Sensing Technologies, NovaSensor strengthens our portfolio as a leader in MEMS pressure sensor technology, with innovative solutions, fast product development, solid manufacturing capabilities, a strong customer base and superb product performance.
About GE Industrial Systems
GE Industrial Systems spans the globe as an industry leader in integrated industrial equipment, systems and services. The business brings to customers the latest technological products used to distribute, protect and control electrical power and equipment, and provides innovative product and service solutions for commercial, industrial, residential and utility applications. For more information visit the website at www.GEIndustrial.com.
About NovaSensor(R)
Founded in 1985, NovaSensor Inc. is a wholly owned subsidiary of TRW Inc. Headquartered in Fremont, CA, NovaSensor is considered an industry leader in developing technologies in microstructure design and production for OEM customers in the medical, automotive, industrial and consumer industries. For more information visit the website at www.novasensor.com.
About TRW
TRW provides advanced technology products and services for the aerospace, information systems and automotive markets. For more information, visit www.trw.com.
THIS NEWS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS. THE FOLLOWING FACTORS, AMONG OTHERS, COULD CAUSE THE ACTUAL RESULTS OF THE ACQUISITION TO DIFFER MATERIALLY FROM GE INDUSTRIAL SYSTEM'S EXPECTATIONS: THE ABILITY TO TIMELY AND FULLY REALIZE THE EXPECTED COST SAVINGS AND REVENUES; COMPETITION; CHANGES IN ECONOMIC CONDITIONS. GE INDUSTRIAL SYSTEMS DOES NOT ASSUME ANY DUTY TO UPDATE FORWARD-LOOKING STATEMENTS. SUCH STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY. SUCH STATEMENTS ARE BASED ON INFORMATION AVAILABLE AS OF THE DATE HEREOF, AND ARE MADE ONLY AS OF THE DATE HEREOF. TO THE EXTENT THAT SUCH STATEMENTS RELATE TO THE PROPOSED ACQUISITION REFERRED TO IN THIS RELEASE, THERE IS A RISK, AMONG OTHERS, THAT THE TRANSACTION MIGHT NOT BE COMPLETED.
CONTACT:
GE Industrial Systems
Terry Dunn, GM, Global Communications
Tel: 860-747-7397
Fax: 860-747-7393
Email: [email protected]