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GE Acquires Amersham for $9.5 Billion

Photonics.com
Oct 2003
LONDON & FAIRFIELD, Conn., Oct. 10 -- General Electric Co. announced it has agreed to buy British medical diagnostics company Amersham plc for $9.5 billion, subject to regulatory approval and other customary conditions. GE also announced its earnings fell 11 percent in the third quarter, which it attributed to lower gas turbine and aircraft engine sales and an accounting charge that weakened profits. The acquisition followed an announcement earlier this week by GE and French company Vivendi Universal that they would merge Vivendi's Hollywood studio, cable TV networks and theme parks with GE's NBC business.

Jeffrey R. Immelt, chairman and CEO of General Electric, said Amersham will supplement GE Medical's diagnostic imaging, services and health care information technology businesses and that it will help GE accelerate the development of molecular imaging.

After the acquisition, Amersham CEO William Castell will become a GE vice chairman and board member and will have responsibility for GE Healthcare Technologies, the combined Amersham and GE Medical businesses. Joseph Hogan, senior vice president of GE, will continue to lead the GE Medical business. The GE Healthcare Technologies business will be based in the UK.

For more information, visit: www.ge.com



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