FAIRFIELD, Conn.--(BUSINESS WIRE)--July 26, 2002--GE Chairman and CEO Jeff Immelt today announced organization changes that will result in GE Capital, the Company's diversified financial services business, becoming four separate GE financial services businesses.
Effective August 1, 2002, GE Capital will become GE Commercial Finance, GE Insurance, GE Consumer Finance and GE Equipment Management. Each of the businesses will report directly to Immelt and GE Vice Chairman Dennis Dammerman, who has oversight for GE Capital.
GE Plastics, GLS Corporation Announce Joint Development Agreement PITTSFIELD, Mass.--(BUSINESS WIRE)--July 25, 2002-- Companies Will Develop, Market, and Distribute Thermoplastic Customer Solutions using New Softfx(TM) VISUALfx(TM) Material GE Plastics, a division of General Electric Company (NYSE: GE), headquartered here, and GLS Corporation, headquartered in McHenry, IL announced today a joint development agreement in which the companies will collaborate on complimentary grades of engineering thermoplastics and elastomers to provide new and exciting solutions to customers in a wide variet
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GE Acquires Global Field Measurement Technology Company, Panametrics ATLANTA--(BUSINESS WIRE)--July 24, 2002--GE Power Systems announced today it has acquired Panametrics Inc., a global leader in high-technology ultrasonic testing equipment and process control instrumentation.
The company will become part of GE's Energy Management Services business and will be known as GE Panametrics. Panametrics develops highly specialized, harsh-environment sensors and instruments for nondestructive testing, solar radiation detection and process measurement instrumentation.
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FedEx Signs Engine Purchase & Service Agreement for Airbus A380 Freighters FARNBOROUGH, England--(BUSINESS WIRE)--July 23, 2002--FedEx Express, a subsidiary of FedEx Corp., (NYSE:FDX), has become the third customer to select the GE-P&W Engine Alliance's GP7200. FedEx Express has signed a contract with the GE-P&W Engine Alliance for GP7200 series engines to power 10 firm Airbus A380-800F freighter aircraft. In addition, FedEx has signed a 20-year fleet management agreement with the Engine Alliance for the engines' maintenance that begins in 2008.
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GE Power Systems Announces Plans to Reduce Workforce
Due to Lower Equipment Demand
ATLANTA--(BUSINESS WIRE)--July 23, 2002--GE Power Systems (GEPS)
has announced plans to eliminate approximately 2,500 jobs over the
next nine months and expectations of further reductions in late 2003
in response to the reduction in the demand for power generation
equipment.
The announced employment reductions will occur primarily in the
turbine production facilities of its Energy Products business where
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GE Wins Major Hydro Service Contract in Norway OSLO, Norway--(BUSINESS WIRE)--July 17, 2002--Norway's biggest power producer, Statkraft SF, has awarded the largest turbine upgrade contract in the company's history to GE Hydro, a unit of GE Power Systems, for the refurbishment of five hydropower plants.
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GE Wins Major Hydro Service Contract in
Norway
OSLO, Norway--(BUSINESS WIRE)--July 17, 2002--Norway's biggest
power producer, Statkraft SF, has awarded the largest turbine upgrade
contract in the company's history to GE Hydro, a unit of GE Power
Systems, for the refurbishment of five hydropower plants.
The project covers 770 megawatts of capacity and is valued at
US$11.9 million.
This is the most extensive turbine modernization project to date
for the Oslo-based Statkraft, which owns about 30 percent of the
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GE Wins Grand Coulee Generator Upgrade Project ATLANTA--(BUSINESS WIRE)--July 15, 2002--The U.S. Department of the Interior's Bureau of Reclamation has awarded GE Power Systems a $3.8 million contract for a generator refurbishment project at the Grand Coulee Powerplant in Washington State. Located at Grand Coulee Dam on the Columbia River, the Grand Coulee hydroelectric power plant is the largest power production facility in North America, generating an average of 21 billion kWh annually.
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FAIRFIELD, Conn.--(BUSINESS WIRE)--July 12, 2002--General Electric Company (NYSE:GE)--GE's second-quarter 2002 earnings grew 14% over second quarter 2001 to $4.4 billion, or $.44 per share, the highest of any quarter in the Company's history, GE Chairman and CEO Jeff Immelt announced today.