The General Electric Company (GE) and Honeywell have announced that GE has agreed to acquire Honeywell in a tax-free merger valued at $45 billion, plus assumed debt. The boards of directors of both companies have approved the merger agreement, which is subject to regulatory approval and the approval of Honeywell shareowners. The merger is expected to be completed in early 2001. "Honeywell's core group of businesses - avionics, automated controls, performance materials and its new microturbine technology - are a perfect complement to four of GE's major businesses," said chairman and ceo of GE John Welch.