XIAMEN CITY, Fujian Province, Peoples Republic of China - GE Engine Services, Inc., the world leader in total aviation services, has formed a jet engine overhaul joint venture company in China, GE Engine Services (Xiamen) Co., Ltd. The joint venture's initial shareholders include Xiamen Aviation Industry Co., Ltd. (XAICO) and Taikoo (Xiamen) Aircraft Engineering Company Limited (TAECO), both Xiamen-based companies. XAICO is a high-tech, export-oriented company focused on the development of the aerospace industry, aircraft maintenance, and related industries in Xiamen. TAECO is a leading international aircraft maintenance company providing service to airlines throughout Asia as well as the PRC. The joint venture agreement also provides for the possible future addition of other shareholders, including airlines. Located in Xiamen, a special economic zone within the Fujian Province of the Peoples Republic of China, GE Engine Services (Xiamen) will perform overhaul and repair of engines produced by GE Aircraft Engines and the engines of CFM International, a 50/50 joint venture company of Snecma of France and General Electric Company of the United States. Its new, state-of-the-art facility is expected to be operational by mid-2001. "The nucleus of our engine service support structure for airlines in China is now formed," said Bill Vareschi, president and chief executive officer of GE Engine Services. "GE Aircraft Engines continually looks for products and services to help our customers manage costs, increase engine time on wing, and lower overall cost of ownership, and we are very pleased to extend this initiative to China." GE Engine Services (Xiamen) joins the global network of GE Engine Services "Centers of Excellence," which has overhaul and repair facilities located in Nantgarw, Wales; Singapore; Kuala Lumpur, Malaysia; Ontario, California; Strother Field, near Arkansas City, Kansas; Miami, Florida; Fort Worth/Dallas, Texas; Prestwick, Scotland; Petropolis, Brazil; Rio de Janeiro, Brazil; and Cincinnati, Ohio, and also at Garrett Aviation Services' six Total Aircraft Service ^SM Centers. ^SM Total Aircraft Service is a service mark of GE Engine Services-Corporate Aviation, Inc.(d.b.a. Garrett Aviation Services)