United Technologies Corp. Signs Agreement to Acquire GE’s Security Business for $1.82B

BRADENTON, Fla.--()--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.

Caution Concerning Forward-Looking Statements

This document contains “forward-looking statements”- that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” believe,” “seek,” “see,” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include: the severity and duration of current economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices and the value of financial assets; the impact of U.S. and foreign government programs to restore liquidity and stimulate national and global economies; the impact of conditions in the financial and credit markets on the availability and cost of GE Capital’s funding and on our ability to reduce GE Capital’s asset levels and commercial paper exposure as planned; the impact of conditions in the housing market and unemployment rates on the level of commercial and consumer credit defaults; our ability to maintain our current credit rating and the impact on our funding costs and competitive position if we do not do so; the soundness of other financial institutions with which GE Capital does business; the adequacy of our cash flow and earnings and other conditions which may affect our ability to maintain our quarterly dividend at the current level; the level of demand and financial performance of the major industries we serve, including, without limitation, air and rail transportation, energy generation, network television, real estate and healthcare; the impact of regulation and regulatory, investigative and legal proceedings and legal compliance risks, including the impact of proposed financial services regulation; strategic actions, including acquisitions and dispositions and our success in integrating acquired businesses; and numerous other matters of national, regional and global scale, including those of a political, economic, business and competitive nature. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.

Contacts

GE Enterprise Solutions/GE Security
Michelle May, +1-989-835-3563
michelle.may@ge.com
or
Edelman for GE Security
Joanne Rasch, +1-202-277-3105
joanne.rasch@edelman.com

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Contacts

GE Enterprise Solutions/GE Security
Michelle May, +1-989-835-3563
michelle.may@ge.com
or
Edelman for GE Security
Joanne Rasch, +1-202-277-3105
joanne.rasch@edelman.com