News Release - Agreement Signed for GE Power Systems to Acquire Bently Nevada

Agreement Signed for GE Power Systems to Acquire Bently Nevada

For more information:
Steve Sabin
Corporate Marketing Manager
Bently Nevada Corporation
1631 Bently Parkway South
Minden, NV 89423
Phone: (775) 782-3611
Fax: (775) 782-9337
E-mail: steve.sabin@bently.com

MINDEN, 30 NOVEMBER 2001 - Bently Nevada Corporation announced today that it will be acquired by GE Power Systems (NYSE: GE). The transaction, which is subject to government approval, is expected to close in January 2002. Bently Nevada's headquarters and primary manufacturing will remain local to the Carson Valley, ensuring the company retains its vital role in the stability of the local economy and job market.

Donald E. Bently, Bently Nevada founder and well-known Carson Valley entrepreneur, incorporated his electronics company in Nevada in 1961 with a workforce of just three people. He grew the business to a position of global leadership in the machinery vibration and mechanical condition diagnostic fields over the last four decades. The company now employs over 2000 people worldwide, 1200 of those here in the Carson Valley. Consolidated worldwide sales in 2001 will approach $235 million.

Commenting on the sale, Bently explained, "My passion for the electronics side of the business has slowly decreased over the past few years, replaced with a growing interest in mechanical engineering and rotor dynamics. The sale of the company allows everyone a favorable outcome. GE is obviously a very successful company, and Bently Nevada and its employees can continue to prosper under their leadership, assured that there is a strong management team able to move the company forward, supported by the financial strength of one of the world's largest companies. For me, I can continue to devote myself more fully to my current passions: sustainable, modern agricultural practices here in the Valley to preserve our rural quality of life, growth of my oil analysis lab business, and commercialization of my pressurized bearing technology."

Bently is referring to a new bearing design he is attempting to commercialize. "The technology is actually quite old," states Bently, "and was first introduced in the late 1800s. My role is really one of popularizing and perfecting the technology, applying it to high-speed machinery where it has numerous important benefits. It's the most important thing to happen in bearings in the last 100 years - absolutely fantastic. I predict it will be the bearing development of the 21^st century."

Bently and his son Christopher plan to remain very active with their various agricultural and other business ventures here in the Valley and globally, still quite sizable even without the electronics company in their portfolio. Accordingly, Bently will keep his buildings in downtown Minden, site of the old Minden Creamery, as well as buildings at the Bently Science Park at the corner of Orchard and Buckeye. "If this bearing grows the way I predict," observes Bently, "we'll need that square footage for manufacturing before long."

John Rice, President and CEO of Atlanta-based GE Power Systems, was enthusiastic regarding the acquisition, commenting on "the synergies that the two companies share." Rice explains: "Both companies are customer-oriented and quality-driven. Bently Nevada's strong technology and engineering culture complements GE's existing product offering, providing a more complete monitoring and diagnostic service solution for our customers. This combination will help us expand and enhance service offerings worldwide."

Retained by Bently are his other business interests including pressurized bearings, oil analysis labs, 38,000-plus acres of agricultural land in and around the Carson Valley, and numerous real estate holdings in the U.S. and abroad.

Bently Nevada Corporation is the world's leading supplier of machinery protection and management solutions, and maintains nearly 100 sales and service offices in the principal industrial centers of 43 countries around the globe. It provides a comprehensive scope of products encompassing vibration monitoring instrumentation, software, engineering services, lubrication condition monitoring, and fundamental rotor dynamic research - all with a common objective: helping customers protect and manage their machinery and other plant production assets.

GE Power Systems (www.gepower.com) is one of the world's leading suppliers of power generation technology, energy services, and management systems, with 2000 revenue of $15 billion. The business has the largest installed fleet of power generation equipment in the global energy industry. GE Power Systems provides equipment, service, and management solutions across the power generation, oil and gas, distributed power, and energy rental industries.

Bently Agrowdynamics™ is a trademark of the Bently Family Limited Partnership.

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