ATLANTA, Ga., Aug. 14, 2001 — General Electric (GE) today announced the successful completion of its acquisition from Harris Corporation of Harris’ minority equity interest in GE Harris Energy Control Systems, LLC, a provider of innovative, real-time information technology solutions to the electric utility industry.
The completion of the acquisition of Harris’ equity interest in GE Harris Energy Control Systems further strengthens GE’s investment in solutions for automation, control, and monitoring of utility T&D infrastructure. The transaction follows several investments with technology providers.
The two most recent acquisitions were Programma Electric, AB, a provider of substation monitoring instrumentation and GE Smallworld, a provider of geo-spatial network solutions for utility as well as communication and public sectors.
These investments further enable GE to provide a comprehensive offering that improves productivity and service reliability for T&D utilities around the world. The GE Power Systems T&D automation solutions include energy transmission, distribution, and outage management systems; geospatial network and engineering software; substation automation, monitoring, and test systems; and T&D consulting and repair services.
John Rice, CEO of GE Power Systems, commented, “We are excited at the opportunities now open to us with the full acquisition of GE Harris Energy. As we integrate the strengths of GE Harris Energy, we are positioned to provide some of the most innovative software and automation solutions to the utility industry worldwide.” “The utility industry is moving towards more real-time, comprehensive information systems for improved asset management and service reliability,” said Steve Bolze, CEO of GE Harris Energy and GM of Energy Management Services, a GE Power Systems business. “As we continue to address the needs of our customers, the GE Harris talent and technologies are valuable additions to our GE offering.”
The GE Harris Energy Control Systems joint venture was formed in 1997 and was headquartered in Melbourne, FL. GE held a controlling 51 percent interest in the joint venture, and Harris held a 49 percent interest.
About GE Power Systems
GE Power Systems (www.gepower.com) is one of the world’s 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, 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.