GE 2002 Annual Report Download - page 35
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Please find page 35 of the 2002 GE annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.34 GE 2002 ANNUAL REPORT
Aircraft Engines
PRESIDENT AND CEO: David L. Calhoun
2002 REVENUES: $11.1 billion
In the midst of a prolonged commercial aviation slump,
Aircraft Engines is extending its technology leadership
through the biggest R&D effort in its history.
Aircraft Engines is developing eight new engine
models, ranging from the next GE90, the world’s most
powerful commercial engine, to new CF34s, the engine
of choice for regional jets — the fastest-growing seg-
ment in commercial aviation. Aircraft Engines and CFMI
(jointly owned by GE and Snecma) anticipate that cus-
tomers will reward their commitment to technology by
growing the fleet of GE and CFMI commercial engines
from 16,000 today to more than 24,000 by 2010.
Aircraft Engines also expects several years of dou-
ble-digit military growth as it develops new technology
for military engines, including an engine for the U.S.
Armed Forces’ Joint Strike Fighter.
Aircraft Engines’ new technologies will deliver
economical performance with reduced noise and
emissions for years to come. Aircraft Engines will also
provide years of services to its installed base of com-
mercial engines, generating steady revenues while
enabling customers to reduce their operating costs.
The airline industry goes through multi-year cycles,
and Aircraft Engines has been here before. By staying
the course with a steadfast commitment to technology,
Aircraft Engines will support the eventual recovery of its
customers while laying the foundation for outstanding
growth opportunities of its own.
www.geaircraftengines.com
Commercial Finance
PRESIDENT AND CEO: Michael A. Neal
2002 TOTAL ASSETS: $195.8 billion
With lending products, growth capital, revolving lines
of credit, equipment leasing of every kind, cash flow
programs, asset financing and more, Commercial
Finance is playing a key role in the growth, expansion
and stability of 35 countries’ major industries, including
healthcare, manufacturing, communications, construc-
tion, energy, aviation, infrastructure and equipment.
In 2002, Commercial Finance used its 3,500-person
sales force, a diverse portfolio and rigorous risk man-
agement to produce double-digit asset and earnings
growth despite the difficult business climate. In 2003,
Commercial Finance will continue to use Six Sigma
to improve its own processes and productivity as well
as offer solutions to customers. In particular, its “At
the Customer, For the Customer” projects will continue
to help clients improve their operations and accelerate
their revenues.
GE’s 13 businesses will focus in 2003 on deepening
their relationships with customers by providing
them with advanced GE technology and cost-saving
services that will enable them to grow. By doing so,
GE’s businesses will continue their own evolution into
customer-focused, high-technology, service-oriented
and capital-efficient enterprises.
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