GARCHING, Munich, Germany--(BUSINESS WIRE)--June 28, 2004--General Electric (NYSE:GE) officially opened today its new European Global Research Center in Garching, near Munich, Germany, at an event hosted by Chairman and CEO Jeff Immelt. This state-of-the-art 10,000 square-meter facility is the latest addition to GE's US $4 billion worldwide technology development effort.

Since 2001, GE has made a US $100 million investment in its New York R&D headquarters, opened a US $64 million research facility in Shanghai, China, and made an initial US $52 million investment in this European center, as the company expands its capacity for advanced technology development.

By 2005, the new European Global Research Center will be home to 150 scientists and engineers, who will develop technology to support GE's future growth. Scientists at the center will conduct advanced research into enabling technologies for future products and services, working closely with the GE businesses to define the future technological needs of the company's European customers.

The center will focus on four main research areas:

-- Alternative energy generation technologies, particularly hydrogen, biomass and fuel cells;

-- Electrical systems for renewable energy sources such as solar, wind and water;

-- Specialized sensors for automotive, biological and harsh environment applications;

-- Advanced medical imaging technologies, such as ultrasound, high field magnetic resonance imaging (MRI) and molecular imaging.

GE's decision to invest in this new technology center in Europe is part of its commitment to grow revenue through technological leadership. "We win in the market by bringing life-changing innovations to our customers," said GE Chairman and CEO Jeffrey Immelt. "We're fuelling our future growth today by expanding our capacity for innovation and bringing technology development closer to our European customers. Technology leadership produces the best products, wins competitive battles and creates and expands markets."

The European center is GE's fourth Global Research facility, in addition to the Global Research headquarters in Niskayuna, New York (1,800 employees), the John F. Welch Technology Center in Bangalore, India (1,600 employees) and the China Technology Center in Shanghai (150 employees). The new center is located on the campus of the Technical University of Munich.

"With the technology we are developing, we have the opportunity literally to reshape the way the world works", said Scott Donnelly, SVP of Global Research. "We can create a new paradigm for the way the world generates and uses energy. We can help transform healthcare from the "see and treat" approach of today to the "predict and prevent" model of the future. The European Center is key to this effort because it increases our research capacity, gives us access to a new pool of technical talent and brings technology development closer to some of our key customers in these industries."

Nani Beccalli, president of Europe, Middle East and Africa for GE, said, "This facility will allow us to take advantage of the great intellectual capital and high education standards in Europe, particularly in the fields of science and technology, and it is a tangible sign of our long-term commitment to grow in this market."

GE in Europe

GE has been active in Europe for more than 100 years and has its regional headquarters in Brussels, Belgium. In 2003, sales of $32 billion represented half of GE's non-US revenues, an increase of over 20 per cent compared with 2002, across GE's activities in both the industrial and financial sectors. All eleven global GE businesses have a significant presence in the region. The company currently employs more than 75,000 people in Europe, representing a tenfold increase in fifteen years.

GE (NYSE:GE) is a diversified technology, media and financial services company dedicated to creating products that make life better. From aircraft engines and power generation to financial services, medical imaging, television programming and plastics, GE operates in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's web site at http://www.ge.com.

GE Global Research is one of the world's most diversified industrial research organizations, providing innovative technology for all of GE's (NYSE: GE) businesses. Global Research has been the cornerstone of GE technology for more than 100 years, and is now focused on developing breakthrough innovations in areas such as molecular medicine, alternative energy, nanotechnology, advanced propulsion and security technologies. GE Global Research is headquartered in Niskayuna, New York and has facilities in Bangalore, India; Shanghai, China, and Munich, Germany. Visit Global Research at www.research.ge.com.

Contacts


GE Global Research
Jim Healy
T: +1-518-387 6284
or
Carsten Barth
Germany, Austria, Switzerland
T: +49 (0) 172 - 617 86 83
Carsten.Barth@corporate.ge.com