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EXHIBIT 99
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XXXXXX CORPORATION SIGNS AGREEMENT TO SELL INTEREST
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IN XX XXXXXX RAILWAY ELECTRONICS JOINT VENTURE
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MELBOURNE, FLORIDA. MAY 9, 2001 - Xxxxxx Corporation (NYSE:HRS) today announced
that it has entered into a definitive agreement to sell its minority ownership
interest in the XX Xxxxxx Railway Electronics joint venture to General Electric
Company. The transaction, which is subject to antitrust approval, is expected to
close during the current quarter, which ends June 30, 2001.
The XX Xxxxxx Railway Electronics joint venture, headquartered in Melbourne, was
formed in 1995 to develop and sell advanced electronic products and systems for
the railroad and rail transit industry. GE has a controlling 51 percent interest
in the joint venture and Xxxxxx has a 49 percent interest.
"The joint venture has been a very successful enterprise that has advanced
technology and safety within the railway industry and has served both companies
well," commented Xxxxxxx X. Xxxxxx, chairman and CEO of Xxxxxx. "The recent
acquisition of Xxxxxx Industries by GE and its planned integration into the JV,
which Xxxxxx supports, has a diluting effect on Xxxxxx' ownership position and
alters the JV priorities. Both Xxxxxx and GE believe the business will prosper
better by closer integration with GE's core Transportation Systems business."
Xxxxxx Corporation is an international communications equipment company focused
on providing product, system and service solutions that take its customers to
the next level. The company provides a wide range of products and services for
wireless, broadcast, network support, and government markets. Xxxxxx has sales
and service facilities in more than 90 countries. Additional information about
Xxxxxx Corporation is available at xxx.xxxxxx.xxx.
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Xxxxxx Contact Information:
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Xxx Xxxxxxx Xxxxxx Xxxxxxx
Director Public Relations Vice President Investor Relations
000-000-0000 000-000-0000
xxxxxx00@xxxxxx.xxx xxxxxx00@xxxxxx.xxx
