Industry Headlines

GE Buys Honeywell

May 19, 2003
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General Electric (GE, Fairfield, CT) will buy Honeywell (Morristown, NJ) in a deal worth $45 billion. Jack Welch, GE chairman and CEO, will postpone his long-planned retirement to oversee the transition. Welch said Honeywell's core group of businesses is, "a perfect complement to GE's. Not only are the businesses a perfect fit, but so are the people and processes."

Honeywell is expected to close its Morristown, NJ, headquarters once federal agencies approve the purchase. The boards of both companies have already approved the acquisition.

GE is a technology, services and manufacturing provider. Honeywell is a manufacturer of high technology for buildings, homes and industry.

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