WILTON, Conn. & GREENWICH, Conn.--(BUSINESS WIRE)--Sept. 25, 2003--Littlejohn & Co., LLC, a private investment organization, and GE announced today they have entered into a definitive agreement for Littlejohn Fund II, L.P. to purchase GE Superabrasives, a leading supplier of manufactured diamond, cubic boron nitride, and polycrystalline products. Specific terms of the transaction were not disclosed. The closing of the transaction is subject to customary conditions, including the receipt of regulatory approvals. The closing is expected to occur by January 31, 2004.
"We are extremely pleased to have GE Superabrasives join our portfolio of companies," said Angus Littlejohn, Chairman and Chief Executive Officer of Littlejohn & Co. LLC. "Since the 1950's, Superabrasives has been the premier global supplier of manufactured diamonds and the inventor of many innovative industry technologies. Given its reputation for product quality and customer service, combined with a leading position in research and development, we are confident we can help create long-term value and profitably grow the business."
Tanya Fratto, who currently leads the business for GE, will serve as Chief Executive Officer of the business, which Littlejohn expects to rename upon completion of the transaction. Ms. Fratto and the current Superabrasives leadership team have helped to grow the business and identify new applications for its products. GE (NYSE: GE - News) is a diversified technology and 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 Superabrasives is a leading manufacturer of diamond, cubic boron nitride, and polycrystalline products. Due to their superior performance, these superabrasive materials are replacing conventional abrasives in many industrial operations worldwide. With state-of-the-art technical centers, GE Superabrasives works directly with the end users to develop products and applications. The company has sales offices in more than 25 countries, serving a vast global customer base and operates manufacturing facilities in Worthington, Ohio, and in Dublin, Ireland, and has application development centers in the United States and Germany.
Littlejohn & Co., LLC is a private investment firm based in Greenwich, Connecticut that makes control equity investments in mid-sized companies that can benefit from its operationally oriented investment style. Founded in 1996, the firm manages investment funds totaling $730 million. Caution Concerning Forward-Looking Statements: This document includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors. More detailed information about those factors is contained in GE's filings with the Securities and Exchange Commission.