GE Power Systems Announces Agreement to Acquire Sole Ownership of GE Harris Energy Control Systems.Business Editors & Energy Writers ATLANTA--(BUSINESS WIRE)--June 4, 2001 General Electric Company (NYSE NYSE See: New York Stock Exchange : GE) announced today that it has entered into a definitive agreement to acquire from Harris Corporation Harris Corporation NYSE: HRS is an international communications equipment company that produces wireless equipment, electronic systems, and both terrestrial and spaceborne antennas for use in the government, defense, and commercial sectors. its equity interest in GE Harris Energy Control Systems, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . This transaction, which is subject to antitrust Antitrust The antitrust laws apply to virtually all industries and to every level of business, including manufacturing, transportation, distribution, and marketing. They prohibit a variety of practices that restrain trade. approval, is expected to close during the summer of 2001. Headquartered in Melbourne, FL, the GE Harris Energy Control Systems joint venture was formed in 1997 to develop and sell innovative, real-time information technology solutions to meet the electric utility industry needs for the automation, control and monitoring of their transmission and distribution network. GE has a controlling 51 percent interest in the joint venture and Harris has a 49 percent interest. "Harris Corporation has been an invaluable partner in this joint venture," said John Rice, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of GE Power Systems. "We thank them for their pioneering spirit with which this venture was formed and for continuing to support our vision of delivering innovative automation solutions for the utility industry, particularly in the area of transmission and distribution." "This joint venture has been a successful partnership and has achieved the objective of expanded global reach of advanced technology for the utility industry," commented Phillip W. Farmer, chairman and CEO of Harris. "Given GE's continued investment in information technology for the electric utility industry, we believe the business will prosper even better by closer integration within the GE family." GE Power Systems offers a comprehensive portfolio of T&D automation solutions which includes energy transmission, distribution, and outage management systems An Outage Management System (OMS) is a computer system used by operators of electric distribution systems to assist in restoration of power. Major Functions of an OMS Major functions usually found in an OMS include: Need for substation automation See also IEC 61850 IEC 60870-5-103 Intelligent Grid External Links
About GE Power Systems GE Power Systems (www.gepower.com) is one of the world's leading suppliers of power generation technology, energy services and management systems with 2000 revenues of $15 billion. The business has the largest installed base of power generation equipment in the global energy industry. Through a series of acquisitions and alliances, GE Power Systems has expanded its portfolio of products, services, and software solutions to serve global customers. Recent acquisitions of rental equipment and industrial water treatment businesses demonstrate this commitment to serve the energy industry as well as a broader range of industries including telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , entertainment, and high-tech manufacturing. About Harris Corporation Harris Corporation is an international communications equipment company focused on providing product, system and service solutions that take its customers to the next level. The company provides a wide range of products and services for wireless, broadcast, network support, and government markets. Harris has sales and service facilities in more than 90 countries. Additional information about Harris Corporation is available at www.harris.com. |
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