12 November 2009
United Technologies Corp. Signs Agreement to Acquire GE’s Security Business for $1.82B
BRADENTON, Fla.--(BUSINESS WIRE)--GE (NYSE: GE) announced today that it has signed a definitive agreement with United Technologies Corp. (NYSE: UTX) for UTC to acquire GE’s Security business for $1.82B. The transaction has been approved by the Boards of both companies, and will be subject to customary closing conditions including regulatory approvals.
“The Security business required significant investment in its capabilities to evolve and better serve the security industry,” said Charlene Begley, President & CEO, GE Enterprise Solutions, which includes GE Security.
“For our customers and our employees UTC is a natural fit,” Begley said. “The combination of UTC's existing product portfolio and GE Security’s outstanding, highly complementary products creates a broad set of offerings for our customers and partners.”
“Customers will see increased breadth and depth of product offerings, as well as a global reach that serves a range of industry segments,” said Dean Seavers, President & CEO, GE Security. “This is a great move for our Security business because we are bringing together teams who are committed to growing their presence in the Security industry.
The Security business will become part of UTC’s Fire & Security business, which is headquartered in Connecticut and led by William Brown, President, UTC Fire & Security.
“We’re excited to invest in a company whose technologies will improve our growing position in the fire and security industry,” said Brown. “GE Security has well respected products and brands that complement our existing portfolio and position us well for future growth.”
About GE Security
GE Security, Inc. is a wholly owned affiliate of the General Electric Company (NYSE: GE) focused on communication and information technologies for security and life safety solutions. GE Security has operations in over 26 countries and is represented by some of the best-known brand names for intrusion and fire detection, access and building control, video surveillance, and key management. For more information, visit www.gesecurity.com.
About GE
GE (NYSE: GE) is a diversified infrastructure, finance and media company taking on the world’s toughest challenges. From aircraft engines and power generation to financial services, medical imaging, and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
