United Technologies to acquire GE Security for $1.82 billion
13 Nov 2009
United Technologies Corporation (UTC), manufacturer of industrial products like fire, security and building systems as well as high-technology products for the US military, yesterday agreed to acquire the fire alarm and security systems unit from General Electric (GE) for $1.82 billion.
Louis Chênevert, president and CEO of Hartford-based UTC, the maker of Carrier air conditioners, Otis elevators, Pratt & Whitney jet engine and Sikorsky Aircraft said, "This acquisition enhances UTC Fire & Security's status as a leading franchise in the $100-billion global fire safety and electronic security industry."
"It strengthens our North America footprint, extends our capabilities and complements our existing fire and security businesses, he added."
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, Florida, GE Security has eight manufacturing facilities and approximately 4,700 employees in 26 countries.
It is also a supplier of high-tech web-based surveillance and sound and communication systems to the US government, including embassies, borders, military installations, water treatment plants and other critical public infrastructure.
UTC, earlier known as United Aircraft and Transport Corporation, was founded in 1929 by the merger of the Boeing Airplane Company, Boeing Air Transport, Chance Vought, Hamilton Standard, Pratt & Whitney, and Sikorsky Aircraft..