UTC Purchases GE Security For $1.82 Billion
GE announced today that it has signed a definitive agreement with United Technologies Corp. for UTC to acquire GE’s Security business for $1.82 billion. 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 and CEO of 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 and CEO of 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 of 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.”