WILTON, Conn.--(BUSINESS WIRE)--Sept. 5, 2002--GE Specialty Materials, a unit of General Electric Company (NYSE:GE), today announced that it has signed an agreement to acquire Advanced Ceramics Corporation and Advanced Ceramics International Corporation (ACC and ACIC).
Advanced Ceramics is a specialty, high temperature ceramics company. Advanced Ceramics is a leading global producer of boron nitride powders, shapes, and coatings as well as other specialty ceramics. Their products are used in a breadth of industries, ranging from semiconductors to cosmetics.
This transaction, which is subject to regulatory approval, is expected to close in fall 2002. Advanced Ceramics, based in Cleveland, Ohio will become part of the GE Quartz business within GE Specialty Materials. Terms of the transaction were not disclosed.
"Advanced Ceramics makes sense for our growing, specialty materials business," said William Woodburn, President and Chief Executive Officer of GE Specialty Materials. "Advanced Ceramics is high technology serving the global materials industry. We are excited about the synergies with GE Quartz, Superabrasives and Silicones businesses in both improving our growth through new products and in reducing our manufacturing materials cost."
Dan Moore, Chairman of Advanced Ceramics added, " GE Quartz and GE Specialty Materials are growing, exciting businesses. We look forward to becoming part of the GE team."
According to Maryrose T. Sylvester, President of GE Quartz, "Advanced Ceramics improves our portfolio to serve the semi-conductor industry and expands the breadth of products we have to offer. The combination of GE Quartz and Advanced Ceramics means great things for our combined customer base."
Advanced Ceramics has its global headquarters in Cleveland, Ohio. It has manufacturing plants in Strongsville, Ohio; Cardiff, Wales and Kozuki, Japan. Visit ACC online at advceramics.com.
GE Specialty Materials (GESM) is a new platform for growth within GE offering a wide range of products including fused quartz, silicones, and water treatment. GESM uses technological innovation and Six Sigma to serve customers in segments as diverse as cosmetics, semi-conductors, oil drilling, construction and telecommunications. Businesses within GE Specialty Materials include GE Betz, GE Silicones, GE Specialty Chemicals, GE Superabrasives and GE Quartz. Visit GE Specialty Materials online at gespecialtymaterials.com.
This news release includes forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, reflecting management's current analysis and expectations, based on reasonable assumptions. Results could differ materially depending on such factors as business climate, economic and competitive uncertainties, failure to complete transactions, adverse legal and regulatory developments, and adverse changes in economic and political climates around the world. As appropriate, additional factors are contained in reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. This paragraph is included to provide safe harbor for forward-looking statements, which are not required to be publicly revised as circumstances change.
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CONTACT:
GE Specialty Materials,
Milissa Rocker, 518/233-3893