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"We are extremely pleased to have GE Superabrasives join our portfolio of companies," said Angus Littlejohn, Chairman and CEO of Littlejohn & Co. LLC. "Since the 1950's, Superabrasives has been the premier global supplier of manufactured diamonds and the inventor of many innovative industry technologies. Given its reputation for product quality and customer service, combined with a leading position in research and development, we are confident we can help create long-term value and profitably grow the business."
"Part of GE's growth strategy is to concentrate its resources on platforms of scale that enjoy strategic synergies with other businesses across the Company. While Superabrasives remains a premier company in its industry, they did not fit GE's long term plan," said William A. Woodburn, President and CEO of GE Specialty Materials. "GE Specialty Materials will continue to focus its investment on water technologies, and advanced materials like silicones, quartz and ceramics. By joining Littlejohn's team, the innovative people from this division have the opportunity to continue growing and delivering on the business' strategy. I wish them continued success."
Tanya Fratto, who currently leads the business for GE, will serve as CEO of the business, which Littlejohn expects to rename upon completion of the transaction. Ms. Fratto and the current Superabrasives leadership team have helped to grow the business and identify new applications for its products.