Britain's GEC To Become Marconi
Oct. 11, 1999
LONDON (AP) _ The General Electric Company PLC, Britain's biggest electrical engineering company, said Monday that it will change its name to Marconi PLC.
The change will become effective once GEC completes the sale of its Marconi Electronics Systems business to British Aerospace PLC.
The name change symbolizes GEC's transformation from an industrial and defense electronics group into an information technology company.
The Marconi brand, long a part of GEC's business, is named for Italian physicist Guglielmo Marconi, who pioneered wireless telegraphy. Marconi PLC will be split into three businesses _ communications, systems and capital.
GEC said it plans to list shares in the renamed company in the United States some time next year. It said it expects that Marconi PLC will be listed on the London Stock Exchange and will be a part of the FTSE-100 index.
Marconi Electronics Systems comprises operations in aerospace, naval shipbuilding and defense electronics. GEC agreed in April to sell the business to British Aerospace. The $11.6 billion deal would be the largest defense-industry combination in Europe.