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* GE extends Olympic sponsorship to 2020
BERLIN, June 29 (Reuters) - Multinational conglomerate GE has extended its Olympic sponsorship deal by eight years to 2020, the International Olympic Committee said on Wednesday.
“GE is a leading organisation, with innovation and sustainability at its core,” IOC president Jacques Rogge said.
The IOC has 11 top sponsors until the 2012 London Olympics while nine, including GE, have now signed up until 2016 or beyond.
“Over the years, GE has become a vital part of the efforts to deliver sustainability responsible Olympic Games. We are delighted to continue our work with them,” Rogge said in a statement.
GE launched its Olympic partnership in January 2005 ahead of the 2006 Turin winter Olympics. The IOC has said it is also in talks to extend existing sponsorship deals with Acer and McDonald‘s.
Each company pays an estimated $100 million for the two-Games package for being a top sponsor although the IOC does not release details on individual deals.
“We are proud to be extending our partnership with the Olympic movement for another eight years,” said Jeff Immelt, GE Chairman and CEO.
“The Olympic Games provide a unique opportunity to showcase our innovative technologies and services.”
The latest additions to the IOC sponsors’ list are Dow Chemical Co. and Procter&Gamble who came on board last year.
Russia’s Sochi will host the 2014 Winter Olympics while Brazil’s Rio de Janeiro will stage the 2016 Summer Games. The host of the 2018 Winter Olympics will be elected in July while the 2020 Games host will be chosen in 2013. (Writing by Karolos Grohmann; Editing by John O‘Brien and Alan Baldwin; To comment on this story email email@example.com)