SALEM, Va.--(BUSINESS WIRE)--April 22, 2003--GE (NYSE: GE) announced today that it signed a letter of intent with Toshiba Corporation for Toshiba to increase its majority interest in the Toshiba-GE joint venture.
The transaction is expected to close in the next two to four months. GE will keep a minority ownership in the US operating company of the JV and will continue to provide sales and service for the JV, in addition to maintaining customer relationships.
Incorporated in October 2000, the Toshiba GE joint venture was established to enhance worldwide competitiveness for industrial drive systems for steel, paper, material handling and general industries.
About GE
The General Electric Company (NYSE: GE) is a diversified technology and services company dedicated to creating products that make life better. From aircraft engines and power generation to financial services, medical imaging television programming and plastics, GE operates in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.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.
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CONTACT: GE Industrial Systems
Terry Dunn, 860/747-7397
[email protected]