EVENDALE, OHIO - General Electric Company, on behalf of GE Engine Services, has signed a Memorandum of Intent with All Nippon Airways (ANA) and Ishikawajima-Harima Heavy Industries (IHI) to acquire a controlling interest in a part of ANA-IHI Aero-Engines Co., Ltd. (AIA), an aircraft engine maintenance partnership between ANA and IHI.

The resulting joint venture will perform aircraft engine component repair at facilities in Yokoshiba, Japan. ANA and IHI will be minority owners in the new venture.

Operations are scheduled to begin in April 2000.

"As OEM, our familiarity with aircraft engine design criteria and operating environment allows us to provide the highest quality, most reliable component repair," said Bill Vareschi, president and chief executive officer of GE Engine Services. "We welcome the opportunity to join ANA and IHI in providing this expertise in Japan."

With headquarters in Cincinnati, GE Engine Services, Inc. provides comprehensive overhaul, repair, and support of aircraft engines, components, and accessories of GE aircraft engines and the engines of CFM International, the 50/50 joint company of Snecma of France and General Electric Company of the United States, as well as engines produced by other manufacturers.

GE Engine Services anticipates revenues of more than $5 billion dollars in 1999, following record revenues of almost $5 billion in 1998, $3 billion in 1997, and $2.3 billion in 1996, the first year GE Engine Services was structured in its present form.

GE Engine Services includes a global network of overhaul and repair "Centers of Excellence" located in: Xiamen, China; Nantgarw, Wales; Singapore; Kuala Lumpur, Malaysia; Ontario, California; Strother Field, near Arkansas City, Kansas; Miami, Florida; Dallas/Fort Worth, Texas; Prestwick, Scotland; Petropolis, Brazil; Rio de Janeiro, Brazil; and, Cincinnati, Ohio; and also at Garrett Aviation Services' six Total Aircraft Service SM centers.