Subject: GE aerospace

From: [email-masked] (David Benedict Ducharme)
Date: 01 Dec 92 02:10:50 PST

I was in an argument the other day that I hope that can be cleared up here

was GE aerospace sold straightout, or was it merged with MM.

sold straightout meaning that they no longer have any say in those dealing
anymore.

thanks

email is fine
[email-masked]

---

From: [email-masked] (Michael T. Palmer)
Date: 01 Dec 92 13:54:52 PST

>sold straightout meaning that they no longer have any say in those dealing

My understanding is that it was a merger, not an outright sale, based on
a letter yesterday from a friend who works for "Generous Electric Aerospace."
Additionally, I believe the FTC has not yet approved the transaction,
although I may have missed the announcement.

Anyone with first-hand knowledge is encouraged to correct me if I'm wrong.

-- 
Michael T. Palmer, M/S 152, NASA Langley Research Center, Hampton, VA 23681
Voice: 804-864-2044,   FAX: 804-864-7793,   Email: [email-masked]
PGP 2.0 Public Key now available -- Consider it an envelope for your e-mail

---

From: [email-masked] (Derek H Cedillo)
Date: 01 Dec 92 23:15:22 PST

>sold straightout meaning that they no longer have any say in those dealing

According to UPI reports on the dealing the whole deal is worth $3.05 Billion
In the deal GE Gets $1 billion in convertible preffered stock.
I hate to see GE lose a part of itself, but it was a wise move.

Does anyone know what is to become of the Ft. Worth, IN plant?
I didnt see it listed in the buisness locations to be
taken over by MM.
Is there going to be some work done by GE somewhat autonomously
still in the biz?

Thanks,

Derek

---

From: [email-masked] (Karl Swartz)
Date: 02 Dec 92 03:49:50 PST

>In the deal GE Gets $1 billion in convertible preffered stock.

Right.  GE sold GE Aerospace, based in Valley Forge, PA, and GE
Government Services, based in Cherry Hill, NJ, to Martin Marietta,
but got a substantial chunk of MM in return as well as two seats on
the MM board.  The agreement also includes provisions for a fair
amount of work to continue at GE R&D.  So, while it was an outright
sale, GE has by no means washed their hands of the whole thing.

>I didnt see it listed in the buisness locations to be

What division is that?  Note that the transaction did *not* include
the GE division most relavent to this newsgroup, namely GE Aircraft
Engines, based jointly in Evendale, OH (commercial) and Lynn, MA
(millitary).

>Is there going to be some work done by GE somewhat autonomously

Yes, Aircraft Engines Div.

-- 
Karl Swartz	|INet	[email-masked]		
1-415/854-3409	|UUCP	uunet!decwrl!ditka!kls
		|Snail	2144 Sand Hill Rd., Menlo Park CA 94025, USA
 Send sci.aeronautics.airliners submissions to [email-masked]

---

From: [email-masked] (Norman Yarvin)
Date: 03 Dec 92 00:40:09 PST

>I hate to see GE lose a part of itself, but it was a wise move.

A relative of mine works in a satellite manufacturing plant in New Jersey
which is part of the deal.  (He refers to that plant, and I don't know how
much else, as "Astro".)  It was bought by GE from RCA two or three years ago.
He says that when GE took charge, they made many changes for the worse.  For
instance they brought in a computerized procurement system which was
inappropriate for the satellite business -- it would have been better suited
to a light bulb factory.

Since Martin Marietta has much more interest in satellites than GE did, he
has hopes that the new transition will not be as bad.

--
Norman Yarvin						[email-masked]

---

From: [email-masked] (Derek H Cedillo)
Date: 03 Dec 92 00:40:11 PST

[all kinds of talk about what the Ft. Wayne Plant was]

I'm sorry, but for the life of me I cannot find any info
about Ft. Wayne being an AE plant.
With my other GE stuff still on loan, I cant prove that it
was Aerospace.
But, As of 10/91 it was not listed as an AE plant.
(this info is a listing of AE plants accross the country)
the list includes all AE plants inluding the tiny satalite 
plants that make mini parts and the test center at Edwards AFB
here is a listing:

Lynn, MA (major production and engineering)
Hooksett, NH
Rutland, VA (both sat. parts prodution plants)
Wilmington, NC
Peebles OH
Evendale, OH (Major production and engineering)
Madisonville, KY
Strother, KS
Alburquerque, NM
Ontario, CA (california, not canada)
Edwards AFB, Mojave, CA
and
Seattle, WA

and international in Singapore and Bromont, Canada

Is this innacurate?  It was produced by GE itself, as a recuiting
brochure.  So I dont think there would be editing errors.
Some of the info other people have been laying out is from the mid 80's
perhaps did it change hands? (again this is from 10/91)
Thanks alot.  (sorry if I am beating a dead horse, but this is really bugging
me)

Derek

-------------------------------------------------------------------
"He lived a life of going-to-do, 
   and died with nothing done"	       
		-J. Albery	     

In other words---JUST DO IT!

---

From: [email-masked], CDP <[email-masked]>
Date: 04 Dec 92 22:30:29 PST

I was layed off by GE Aerospace, Astro-space division (satelites) last year
and have kept up with the goings-on in the company.  I've also grabbed
information via the Dow Jones News Service:

Martin Marietta Corporation is acquiring General Electric Company's
Aerospace operations.  These will be *merged* in with MM's current operations.
MM plans on closing the transaction by March 1, 1993.  Before the arrangement
was announced, GE signed a pledge not to hire any (soon to be) former GE
employees for a period of 2 years (the GE term is "the employees are
Frozen in their jobs").

MM will probably close the GE Aerospace HQ in Valley Forge, PA (suburban
Philadelphia) as the MM HQ is in Bethesda, MD.  GE is getting $1B in
convertable preferred stock, 2 seats on an expanded MM board, and about
$2B in cash.

MM is financing somewhere around $500M of the cash and issuing the new
stock to GE.

Secretary of Defense Dick Cheney was briefed and was supportive.  The FTC
has not passed on the transaction yet.

GE Aerospace consists of the GE units and units acquired from RCA a few
years ago.  Jack Welch bought RCA for $600M (cash - no debt); what will
he buy with $2B?  GE has (essentially) no debt and the stock is trading
rather high for a massive stock-repurchase to take place.

The sale includes GE Aerospace, GE Government Services, Knoll Atomic Power
Labs (Schy., NY) and GE MAO.

   - David Horvath

(BTW: GE also sold GE Consulting Services to Keane, Inc recently.  #$%^,
      that's 2 parts of GE that I used to work for that got sold).
=========================================================================