FAIRFIELD, Conn.--(BUSINESS WIRE)--March 8, 2002--GE had a successful year of transition in 2001 and continues to build on the business model that has enabled the Company to outpace S&P 500 earnings growth through every cycle of the past 23 years, Chairman and CEO Jeff Immelt writes in his first annual report letter to share owners, customers and employees.
GE's 2001 Annual Report is now available in print and on the Internet. Copies of the report and the Company's proxy statement are being mailed to shareowners, and they are available on GE's Website at www.ge.com/annual01.
After reviewing GE's strong 2001 performance and reconfirming the Company's business model of diverse leading businesses unified by initiatives, Controllership and common values, Immelt declares: "GE has always been about the future. Customers buy from us, investors invest in us and employees work for us for where we are going, not where we have been." The new GE leadership team's agenda, Immelt writes, is twofold: create a leaner, faster, more customer-focused company, and accelerate high-margin, capital-efficient growth:
-- Use the Internet to move more employees into direct contact with customers and give business leaders real-time critical data. -- Move directly into customers' workflow to help them improve repeatable processes, sales force capacity and profitability. -- Accelerate growth by building on GE's heritage of technical superiority and introduce more Six Sigma-designed products. -- Use next-generation information technology to further accelerate GE's sales of services. -- Use GE's financial strength to take advantage of a rich pipeline of acquisition opportunities. -- Continue to globalize to support customers worldwide.
"This agenda builds on the GE initiatives and financial strengths to produce superior returns for investors," Immelt writes.
As reported previously, the report's Financial Section includes more information than ever about GE's operating results and financial position. With eight additional pages, the Financial Section contains approximately 30% more content, including an expanded discussion of GE's 12 operating segments that includes the results of 26 separate GE businesses. Also included are extensive discussion of the Company's accounting policies and other financial matters. Charts that provide a guide to the Financial Section are available at www.ge.com/investor.
"Great companies are built on the foundation of accurate financial information and compliance with the law. The financial information in this report is an important part of that foundation," Immelt and GE Chief Financial Office Keith S. Sherin write in their preface to the Financial Section. They note that GE holds more than 200 meetings a year with the financial community and communicates all material information covered in those meetings to the public. As reported by Investor Relations magazine, investors have given GE 16 first-place awards for communication in the past five years.
"GE is a company you can trust," Immelt writes in the conclusion to his letter, "delivering excellent earnings achieved with integrity and a transparency unsurpassed in global business. Great ideas, and great people building their own dreams at GE, will ensure that we continue to deliver."
GE (NYSE:GE) is a diversified technology, services and manufacturing company with a commitment to achieving customer success. GE operates in more than 100 countries and employs approximately 310,000 people worldwide. For more information, visit the company's Web site at http://www.ge.com.
Caution Concerning Forward-Looking Statements
This document includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors. More detailed information about those factors is contained in GE's filings with the Securities and Exchange Commission.
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