HONEYWELL CLEARS SHAREHOLDER HURDLE IN MERGER WITH GE
MORRIS TOWNSHIP, N.J.
Honeywell announces that its shareowners have overwhelmingly approved its proposed merger with General Electric (GE). At a special meeting of Honeywell shareowners, the company said approximately 74 percent of Honeywell’s outstanding shares were voted in favor of the GE merger. The shares voted in favor represent approximately 98 percent of the votes cast. Completion of the merger, which the companies expect to occur in the first quarter of 2001, is subject to regulatory approval and other customary closing conditions.
“With today’s positive shareowner vote, we are a step closer to completing our exciting combination with General Electric,” says Michael R. Bonsignore, Honeywell chairman and CEO. “We are confident—and the vast majority of our shareowners agreed—that joining the Honeywell businesses with General Electric is the best way to unlock the potential of Honeywell’s valuable products and services and deliver the consistent and superior returns that Honeywell shareowners expect and deserve.”
Honeywell is a $24 billion diversified technology and manufacturing conglomerate, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; power generation systems; specialty chemicals; fibers; plastics; and electronic and advanced materials.
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