UTC CEO Louis
Chenevert says the deal boosts the company’s ongoing effort to expand its footprint
in the security and life-safety market.
“This strategic
acquisition enhances the scale, market reach and product offerings of our
existing UTC Fire and Security business,” Chenevert says.
“It demonstrates
our disciplined approach to acquisitions and capital redeployment that focuses
on delivering shareholder value.”
The GE Security
business, formerly part of GE Home & Business Solutions, supplies security
and life-safety technologies through a broad product portfolio for commercial
and residential applications.
GE, which first
entered the electronic security industry in late 2001 with the acquisition of
Interlogix, has said the sale advances its efforts to shed noncore assets and
focus on its core strategic businesses.
UTC built its
Fire & Security unit earlier this decade with purchases of Lenel Systems
Int’l Inc., an access control and software developer; Chubb, a fire safety and
security services business; Kidde, a British fire and safety company; and Red
Hawk, which installs, integrates and services a range of security technology
products and solutions.
