GE acquires global field measurement technology company, Panametrics

ATLANTA, Ga., July 24, 2002 — GE Power Systems announced recently it has acquired Panametrics Inc., a specialist 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. The company’s products include process control instruments; moisture, chemical and gas sensors; multi-phase flow meters; charged particle detectors; ultrasonic transducers and scanning systems for a wide range of applications.

“Panametrics’ proven testing and control technologies are an excellent fit with GE Power Systems’ existing measurement technologies for the power generation and oil and gas industries. This acquisition will complement GE’s portfolio of sensors and monitoring and detection offerings to better serve customers worldwide and will provide the platform for our field measurement solutions business,” said John Rice, president and CEO of GE Power Systems.

Stephen R. Bolze, president and general manager of the Energy Management Services business, stated, “We are very excited to have the talented people, customer franchise, and expert technology of Panametrics as part of our GE family. This acquisition is consistent with our growth strategy to provide leading-edge sensor technology as part of our overall energy and distributed asset management solutions for improved customer productivity.”

Tom Smith, previously general manager of GE’s Field Services business, has been named general manager of GE Panametrics.

Throughout its more than 40-year history, Panametrics has been a pioneer in the sensor technology industry, developing an extensive line of ultrasonic flowmeters including the first clamp-on ultrasonic flowmeter for gases. Panametrics moisture analyzers have been considered the industry standard for decades. Other company breakthroughs include the first digital flaw detector and a unique line of hand-held digital data-logging thickness gages. The company’s innovative culture has resulted in almost 100 patents.

Panametrics is headquartered in Waltham, Mass. The company was founded in 1960 and has more than 1,000 employees.

“We are extremely pleased to be joining the GE family of businesses. This is a true marriage of technology-driven companies that will enhance our technical capabilities in the sensor and instrumentation industry,” said Dr. Edmund H. Carnevale, co-chairman of Panametrics, Inc.

About GE Power Systems

GE Power Systems (www.gepower.com) is a supplier of power generation technology, energy services and management systems, with 2001 revenues exceeding $20 billion. Headquartered in Atlanta, Ga., GE Power Systems provides equipment, services and management solutions across the power generation, oil and gas, distributed power and energy rental industries.

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