Thursday, November 19, 2009

United Technologies to Purchase GE Security

United Technologies Corp. announced it has reached an agreement to purchase the GE Security business from GE (NYSE: GE) for $1.82 billion. The closing is pending regulatory approvals. “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. “It strengthens our North America footprint, extends our capabilities and complements our existing fire and security businesses.”
GE Security, Inc. is a wholly owned affiliate of the General Electric Company focused on communication and information technologies for security and life safety solutions. GE Security has 4,700 employees and operations in more than 26 countries.
“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.