GE to Form Water-Treatment Unit

December 24, 2002

BOSTON -- General Electric Co. plans to form a water-treatment business with about $1.4 billion in annual revenue and 5,400 employees by combining GE Betz, GE Water Technologies and Osmonics Inc., according to a regulatory filing made Monday.

Osmonics disclosed more details about the plan, approved by GE Chairman Jeffrey Immelt, in a filing with the Securities and Exchange Commission. Osmonics cited GE correspondence dated Dec. 20.

Last week, Immelt told analysts and investors that wastewater treatment will be a big business for GE, especially in Europe and China. GE is targeting the treatment of industrial wastewater, as more people live in fewer cities and governments impose more regulations.

Bolstering its plans in water treatment, GE announced last month it would buy Osmonics, a maker of filtration systems, for about $253 million in stock and cash. Pending the expected close of GE's acquisition of Osmonics in the first quarter, the conglomerate plans to combine the three businesses into a single operation within GE Specialty Materials.

Source:

Reuters

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