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18 October 2004 - Austria's VA Tech Group has today sought to dampen speculation about a possible link-up with US engineering giant General Electric in response to an article in the Austrian magazine Format.

Today's edition of the magazine contains a report that a meeting has taken place between representatives from General Electric and the VA Tech management. VA Tech said in a statement that this allegation is untrue and is totally repudiated by the VA Tech Managing Board.

It said, "Between GE and VA Tech there is a long standing cooperation and permanent business contacts at an operative level in the area of generators and combined cycle power plants."

"The VA Tech Managing Board considers the continuing, intentional spread of rumours as by no means helpful for the planned capital increase as well as for the clear strategy of the Group, which will lead to sustained profitability and value increase."

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