TOKYO, Japan (January 6, 2000) -- General Electric Company (GE) of America, Hitachi, Ltd. and Toshiba Corp. jointly established Global Nuclear Fuel (GNF), an international nuclear-fuel joint venture, on January 1, 2000. The three companies have integrated their nuclear fuel marketing, design, development and manufacturing functions into the new company, which established business bases in both Japan and the United States.

GNF has also relaunched Japan Nuclear Fuel (JNF), the nuclear fuel manufacturing joint venture of the three partners, as its Japanese base. Its U.S. base is Global Nuclear Fuel-Americas (GNF-A), which is an incorporated entity of GE's fuel plant in that country. GE, Hitachi and Toshiba have transferred their nuclear fuel marketing, design and development operations to these two GNF subsidiaries. Through the two subsidiaries, GNF will market, design, develop and manufacture light water reactor fuel. The new company will combine the three parents' strengths and achieve improved efficiency to provide customers around the world with highly cost-effective and reliable light-water reactor fuel and related services.

The new JNF took over the light water reactor fuel marketing, design and development operations which GE International Inc. (GEII), Hitachi and Toshiba had been engaged in separately, and add these to its former fuel manufacturing function, thereby becoming a comprehensive nuclear fuel company offering competitive products and services in the Japanese market.

GNF-A, meanwhile, took over GE's light-water reactor fuel business (including marketing, design, development and sales, and the Wilmington, NC manufacturing plant). Joint Conversion Company (JCC), a joint venture between GE and the current JNF for fuel reconversion to produce uranium for power generation purposes, was also integrated into GNF-A, to create a comprehensive nuclear fuel company involved with everything from uranium fuel reconversion to fuel fabrication and marketing. GNF-A primarily serves the U.S., European, Taiwanese and Mexican markets.

GNF leverages the three partners' extensive experience and combined strengths in providing support and control for the two operating subsidiaries' businesses to ensure highly competitive products and services to meet diverse customer needs.

Since they signed a comprehensive, tripartite licensing agreement for BWR plants in 1967, GE, Hitachi and Toshiba have been working together in the building and maintenance of BWR plants in Japan and overseas. In the area of nuclear fuel, the three companies established JNF in 1967, through which they have since delivered some 60,000 nuclear fuel units to Japanese power companies and other customers, winning a high reputation for superior reliability.

Based on the three partners' achievements in the past, GNF will work to provide highly competitive nuclear fuel, services and technology and ensure even higher degrees of customer satisfaction.

Outlines of the New Companies

Global Nuclear Fuel (GNF)

Japan Nuclear Fuel Co., Ltd. (JNF)

Global Nuclear Fuel - Americas, LLC

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