GE Buys Osmonics
Atlanta, GA and Minnetonka, MI – General Electric’s GE Power Systems has entered into an agreement to integrate Osmonics, a water purification and fluid filtration company, into its GE Water unit. For each share of Osmonics’ stock, shareholders will receive the equivalent of $17 of GE common stock, or may elect to receive $17 in cash per share, prorated so as not to exceed 55% of the total merger consideration. In 2001, Osmonics recorded sales of $207 million. “ Osmonics has a solid product line with excellent opportunities for growth, but we needed the resources of a larger organization to take the company to the next level,” said Osmonics Chairman and CEO D. Dean Spatz. GE Power stated that Osmonics’ resources complement GE Water and create commercial synergies with GE Betz and GE Consumer Products. The deal is expected to close in the first quarter of 2003.