Tuesday, March 27, 2007

Business Closing Shop in Iran?

"GE Winding Down Activity in Iran

GE in the NewsSource

27 March 2007

An article in today's Wall Street Journal concerning companies that do business in Iran is misleading and inaccurate in its references to GE.

In December 2004, GE's senior leadership team in consultation with our Board of Directors decided that GE's foreign subsidiaries would no longer accept any new [orders is what the policy says] business in Iran after Feb. 1, 2005 because of growing uncertainty in that country, including the ability to meet customer commitments. GE's foreign subsidiaries determined to fulfill customer obligations in place before Feb. 1, 2005, but not to seek any new orders.

GE has fully lived up to this commitment and strictly enforced this policy -- we have not sought nor accepted any new business in Iran and are winding down our pre-existing customer commitments. When these previous obligations are complete, GE will not have any business activity in Iran."

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