EVENDALE, Ohio - The U.S. Department of Justice today informed General Electric Company (GE) that it could complete its acquisition of Greenwich Air Services, Inc. GE intends to complete this transaction on September 2, 1997.
GE and Greenwich previously were informed that the U.S. Department of Justice Antitrust Division had completed its review of the proposed acquisition of UNC, Inc. by either GE or Greenwich. The UNC transaction is subject to approval by UNC shareholders. That approval is expected later next month.
GE is acquiring Greenwich through a combination of GE stock and cash valued at $530 million, or $31 per share of Greenwich stock. GE plans to acquire UNC through a cash transaction valued at an additional $345 million, or $15 per share of UNC stock.
GE Engine Services Inc., a wholly-owned subsidiary of General Electric Company based in Evendale, Ohio, is a provider of overhaul and repair of aircraft engines, components, and accessories, with facilities in the United States, Wales, Brazil, and Singapore. With approximately 6,200 employees worldwide, GE Engine Services in 1996 had revenues of approximately $2.3 billion.
Greenwich, based in Miami, Florida, is a diversified, independent jet engine maintenance and overhaul company with nine locations, principally in the United States and Scotland. Greenwich primarily services large commercial aircraft engines, as well as marine and industrial aeroderivative engines produced by the world's leading manufacturers. Greenwich has approximately 3,000 employees.
UNC, based in Annapolis, Maryland, is a diversified, independent supplier of jet engine maintenance and overhaul with a major focus on smaller jet engines for corporate and military aircraft. UNC operates primarily at 20 U.S. locations and on 100 military bases in the U.S. and abroad. UNC employs approximately 7,000 people.