PHOENIX, ARIZONA -- Honeywell [NYSE: HON] and GE Aircraft Engines, a division of General Electric Company [NYSE: GE], announced today that the LV100-5 engine the companies are co-building in a 50/50 partnership has successfully passed the First Engine To Test (FETT) milestone, six days ahead of schedule. 

The GE/Honeywell team, working under a U.S. Army three-year, $196 million contract, completed the FETT in only 18 months. 

"The propulsion system started smoothly and accelerated to a gas generator speed of 34,800 RPM, operated for 15 minutes and shut down smoothly," said Mike Redenbaugh, Vice President & General Manager, Honeywell Propulsion Systems. "All vibrations and temperatures were within operating range and we expect the engine to demonstrate full speed before the end of June." 

"The LV100 will reduce the operational and lifecycle costs of the Abrams powerplant by two-thirds," said Russ Sparks, Vice President and General Manager, Military Engine Programs at GEAE. "We expect the engine to be qualified for production in the fall of 2003. Potential production of the LV100-5 could reach as many as 2800 engines in support of Abrams tank programs." 

Honeywell is a US$24-billion diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; specialty chemicals; fibers; plastics; and electronic and advanced materials. Honeywell employs approximately 115,000 people in 95 countries and is traded on the New York Stock Exchange under the symbol HON, as well as on the London, Chicago and Pacific stock exchanges. It is one of the 30 stocks that make up the Dow Jones Industrial Average and is also a component of the Standard & Poor's 500 Index. Additional information on the company is available on the Internet at www.honeywell.com

GE Aircraft Engines is the world's leading manufacturer of jet engines for military and civil aircraft, including engines produced by CFM International, a 50/50 joint company of Snecma Moteurs of France and GE. GEAE also manufactures gas turbines, derived from its highly successful jet engine programs, for marine and industrial applications. In addition, GEAE provides comprehensive maintenance support, through its GE Engine Services operation, for GE and non-GE jet engines in service throughout the world. Visit GEAE online at www.geae.com

This release contains forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, including statements about future business operations, financial performance and market conditions. Such forward-looking statements involve risks and uncertainties inherent in business forecasts as further described in our filings under the Securities Exchange Act.