PITTSFIELD, Mass. (March 25, 2002)
GE plastics, a unit of
General Electric Company (NYSE:GE) with headquarters
here, announced today that it has completed the transaction to acquire LNP Engineering Plastics from Kawasaki Steel Corporation of Japan, creating a new global business that offers customers unparalleled excellence in compounded plastics.
"The creation of this new global entity has exciting implications for customers and for our business," said Yoshiaki Fujimori, President and Chief Executive Officer of GE Plastics. "The focus both companies have on customers, technology, manufacturing excellence and
services brings greater value to our customers. LNP employees, with their energy and expertise, will greatly strengthen our ability to serve the marketplace."
The new business entity will retain the LNP Engineering Plastics name, and will be comprised of the acquired LNP assets and GE Plastics' Custom Engineered Products (CEP) business. LNP Engineering Plastics will operate as a separate business within GE Plastics, and will continue to have its headquarters at Exton, Pa. With the addition of CEP personnel and resources, the business unit will have about 1,100 employees at 12 locations in eight countries.