EXHIBIT 99.1


                                                                    NEWS RELEASE
                                                        General Electric Company
                                       3135 Easton Turnpike, Fairfield, CT 06431


                   GE AND HONEYWELL TERMINATE MERGER AGREEMENT


FAIRFIELD, CT. and MORRISTOWN, N.J. - October 2, 2001 - GE and Honeywell
announced today that they have terminated their merger agreement

The merger required regulatory approval, but the European Commission prohibited
the merger on July 3, 2001.

In connection with the termination, GE agreed to reimburse Honeywell for
merger-related expenses and agreed to extend two financing arrangements on
mutually acceptable terms. In addition, GE agreed in principle to acquire two
businesses from Honeywell with estimated, aggregate 2001 sales of $35 million
(Tensor, an oil and gas sensor business, and Honeywell Advanced Composites) and
certain technology related to micro turbines and fuel cells. Terms were not
disclosed.

GE and Honeywell also released each other from all merger-related claims.

GE (NYSE: GE), with 2000 revenues of $130 billion, is a diversified technology,
services and manufacturing company with a commitment to achieving customer
success. GE operates in more than 100 countries and employs 313,000 people
worldwide. For more information, visit the company's Web site at
http://www.ge.com.

Honeywell is a US$25-billion diversified technology and manufacturing leader,
serving customers worldwide with aerospace products and services; control
technologies for buildings, homes and industry; automotive products; power
generation systems; specialty chemicals; fibers; plastics; and electronic and
advanced materials. Honeywell employs approximately 120,000 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.

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Contact:
GE: Gary Sheffer, (203) 373-3476
Honeywell: Tom Crane, (973) 455-4732