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UTC to buy GE Security for US$1.82 billion |
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Networking -
News
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Written by Staff
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Thursday, 12 November 2009 11:18 |
United Technologies Corp. announced it has reached an agreement to purchase the GE Security business from GE for US$1.82 billion. The closing is pending regulatory approvals.
GE Security, part of GE Technology Infrastructure, supplies security
and life safety technologies through a broad product portfolio for
commercial and residential applications that include fire detection and
life safety systems, intrusion alarms, and video surveillance and
access control systems. Headquartered in Bradenton, Fla., the business
has eight manufacturing facilities and approximately 4,700 employees in
26 countries.
"This acquisition enhances UTC Fire & Security’s status as a
leading franchise in the $100 billion global fire safety and electronic
security industry," UTC President and Chief Executive Officer Louis
Chênevert said in a statement. "It strengthens our North America
footprint, extends our capabilities and complements our existing fire
and security businesses."
"The acquisition also brings additional world class product lines to
the UTC portfolio, improves our aftermarket revenue potential and will
deliver solid long-term value for UTC shareholders," Chênevert
continued. "We expect this transaction will be earnings neutral to UTC
in 2010, after restructuring and transaction costs, and anticipate that
the cost synergies will make it accretive in 2011 and beyond.”
Headquartered in Connecticut, UTC Fire & Security is a business
unit of United Technologies Corp., which provides high technology
products and services to the building and aerospace industries
worldwide.
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