GE Specialty Materials Completes Acquisition of BetzDearborn; New Business Will Be a Global Growth Platform.

Business Editors

WILTON, Conn.--(BUSINESS WIRE)--April 29, 2002

GE Specialty Materials, a unit of General Electric Company (NYSE:GE), today announced it has completed the acquisition of the water treatment services business of BetzDearborn.

The move launches GE into a new business segment and adds $1 billion in annual sales to GE Specialty Materials. The new business will be known as GE Betz.

GE Specialty Materials is a growth platform for advanced technology and service content businesses. GE Betz is a global service company providing engineered chemical treatment of water and process systems in industrial applications. GE Betz is a leading global, industrial water treatment service business.

"GE Betz will provide growth opportunities and give us the ability to enhance and expand our customer offerings," said William Woodburn, President and Chief Executive Officer of GE Specialty Materials. "The GE Betz team is ready to integrate our people and our operating systems. We are very enthusiastic about the high quality of this technically savvy organization and its ability to quickly adopt GE's initiatives of Six Sigma and Digitization. We are confident that there will be a marked increase in customer and employee value that will result from GE Betz."

George Oliver has been named GE Betz Vice President and General Manager. Oliver previously was Vice President and General Manager, GE Engine Services.

"We are looking forward to integrating this terrific business and its talented people into GE Specialty Materials," Oliver said. "The GE Betz team will continue to provide solid customer service, give people opportunity for professional growth and offer new, exciting technologies. From the start, we have been energized by the possibility of applying technology from GE Medical Systems, GE Power Systems and the GE Global Research Center to offer GE Betz customers new, advanced equipment and corrosion diagnostic services. GE Betz is off to an exciting start."

GE Betz has its global headquarters in Trevose, Pennsylvania. It has offices in more than 50 countries and operations throughout the world. It has four regional centers and 20 production plants located in North America, Asia-Pacific, Europe, and Latin America. BetzDearborn is a leading provider in the engineered chemical treatment of water and process systems in industrial, commercial and institutional facilities. Visit GE Betz online at gebetz.com.

The GE Betz business is the fifth component in the GE Specialty Materials portfolio. Other GE Specialty Materials businesses include GE Silicones, GE Specialty Chemicals, GE Superabrasives and GE Quartz.

GE Specialty Materials (GESM) is a new platform for growth within GE offering a wide range of products including fused quartz, polymer additives, silicone, industrial diamonds and engineered water and process treatment solutions.

GESM uses technological innovation and Six Sigma to serve customers in segments as diverse as cosmetics, semi-conductors, oil drilling, construction and telecommunications. 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.