Exhibit 99.1

[General Electric Logo appears here]


                                     GE Power Systems
                                     4200 Wildwood Parkway, Atlanta, GA 30339



                     GE POWER SYSTEMS TO ACQUIRE OSMONICS,

                 A LEADER IN WATER PURIFICATION AND FILTRATION

                      New Unit to Become Part of GE Water


         ATLANTA, Ga. and MINNETONKA, Minn. - November 4, 2002 - GE Power
Systems, a division of General Electric Company (NYSE: GE) and Osmonics, Inc.
(NYSE: OSM) today announced that they have signed an agreement to merge
Osmonics into a wholly owned subsidiary of GE in a stock and cash transaction.
Osmonics, headquartered in Minnetonka, Minn., is a leading manufacturer
and worldwide marketer of high technology water purification and fluid
filtration, separation and handling equipment.

         In the merger, Osmonics shareholders will receive the equivalent of
$17.00 of GE common stock for each share of Osmonics. Shareholders may elect
to receive $17.00 in cash per share instead of GE shares, subject to proration
so that the total cash paid does not exceed 55 percent of the total merger
consideration.

         The merger, which is subject to the approval of the holders of a
majority of Osmonics' outstanding common shares, government approvals and
other customary conditions, is expected to close in the first quarter of 2003.
Following the completion of the acquisition, Osmonics will be integrated with
GE Water, a unit of GE Power Systems.

         "The fit between GE Water and Osmonics will allow us to better serve
the water needs of our global customers," said John Rice, President and CEO of
GE Power Systems. "By combining Osmonics' excellent technology and engineering
resources with the complementary capabilities of GE Water, we will create an
even broader portfolio of products and services that we can offer for a wide
range of energy and industrial applications worldwide. In addition, we are
excited about the commercial synergies with GE Betz and GE Consumer Products."

         Osmonics, with worldwide employment exceeding 1,200, reported sales
of $207 million in 2001. The company manufactures high-technology water
purification and fluid filtration, fluid separation, and fluid handling
equipment. It also makes replaceable components used in purification,
filtration and separation equipment, and consists of three major businesses:

         -- The Filtration and Separations Group supplies filtration and
separation products for customers in the food and beverage, dairy,
semiconductor, industrial and petrochemical businesses.

         -- The Process Water Group offers standard and custom-designed
reverse osmosis water purification systems and components for beverage, health
care, industrial and municipal segments.


         -- The Household Water Group provides point-of-use filtration and
control valve products for the residential and commercial markets.

         "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 D. Dean Spatz, Chairman and CEO, Osmonics.
"Since I founded the company in 1969, we have led technological advancement
within the fluid filtration and separation industry and expect to continue to
do so under GE's leadership."

         Goldman, Sachs & Co. acted as exclusive financial adviser to
Osmonics, Inc.

About GE Water

         GE Water, based in Guelph, Ontario, Canada, serves the $4 billion
industrial water services market that includes power, semiconductors and
electronics, petrochemical, oil and gas, pulp and paper, food and beverage,
pharmaceutical and health care.

About GE Power Systems

         GE Power Systems (www.gepower.com) is one of the world's leading
suppliers of power generation technology, energy services and management
systems with 2001 revenues exceeding $20 billion. Based in Atlanta, Georgia,
GE Power Systems provides equipment, services and management solutions across
the power generation, oil and gas, distributed power and energy rental
industries.

About Osmonics

         Osmonics is a leading manufacturer and worldwide marketer of
high-technology water purification and fluid filtration, fluid separation, and
fluid handling equipment, as well as replaceable components used in
purification, filtration, and separation equipment. These products are used by
a broad range of consumer, industrial, commercial, and institutional
customers. Osmonics is traded on the New York Stock Exchange under the symbol
OSM.

         This news release shall not constitute an offer of any securities for
sale. The proposed transaction will be submitted to Osmonics' shareholders for
their consideration. GE and Osmonics will file a registration statement, a
proxy statement/prospectus and other relevant documents concerning the
proposed transaction with the SEC. Shareholders of Osmonics are urged to read
the registration statement and the proxy statement/prospectus, and any other
relevant documents filed with the SEC, when they become available, as well as
any amendments or supplements to those documents, because they will contain
important information. You will be able to obtain a free copy of the proxy
statement/prospectus, as well as other filings containing information about GE
and Osmonics, at the SEC's Internet site (http://www.sec.gov).

         Copies of the proxy statement/prospectus and the SEC filings that
will be incorporated by reference in the proxy statement/prospectus can be
obtained, without charge, by directing a request to GE Power Systems,
Attention Dennis Murphy, 4200 Wildwood Parkway, Atlanta, Georgia, 30339,
770/859-6948, or to Osmonics, Investor Relations, 5951 Clearwater Drive,
Minnetonka, Minnesota, 55343-8995, or 952/933-2277.


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         GE, Osmonics and their respective directors and executive officers
may be deemed to be participants in the solicitation of proxies from the
shareholders of Osmonics in connection with the merger. Information about the
directors and executive officers of GE is set forth in the proxy statement on
Schedule 14A for GE's 2002 annual meeting of shareholders, as filed with the
SEC on March 8, 2002. Information about the directors and executive officers
of Osmonics and their ownership of Osmonics common stock is set forth in the
proxy statement on Schedule 14A for Osmonics' 2002 annual meeting of
shareholders, as filed with the SEC on April 8, 2002.

         Additional information regarding participants in the proxy
solicitation may be obtained by reading the proxy statement/prospectus
regarding the proposed transaction when it becomes available.

         This news release contains forward-looking statements. The following
factors, among others, could cause the actual results of the acquisition to
differ materially from GE's and Osmonics' expectations: the ability to timely
and fully realize the expected cost savings and revenues; competition; changes
in economic conditions. Neither GE nor Osmonics assumes any duty to update
forward-looking statements. Such statements involve known and unknown risks,
uncertainties and other factors that may cause actual results to differ
materially. Such statements are based on information available as of the date
hereof, and are made only as of the date hereof. To the extent that such
statements relate to the proposed merger referred to in this release, there is
a risk, among others, that the merger might not be completed.


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