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GENERAL ELECTRIC AGREES TO ACQUIRE EDWARDS SYSTEMS TECHNOLOGY
30 March 2006 - AZDEL
| GE Infrastructure, a unit of General Electric Company, announced today that, subject to regulatory approvals, GE will acquire Edwards Systems Technology, the fire detection systems business of SPX Corporation for $1.395 billion in an all-cash transaction. |
GE Infrastructure, a unit of General Electric Company, announced today that, subject to regulatory approvals, GE will acquire Edwards Systems Technology, the fire detection systems business of SPX Corporation for $1.395 billion in an all-cash transaction.
"GE Infrastructure is rapidly becoming the premier security provider and acquiring Edwards positions us as a leader in the $5 billion fire detection and life safety segment," said Bill Woodburn, President and CEO of GE Infrastructure. "By combining Edwards' technology and channel strength with the broader Security offering of GE, we can now offer an integrated facility management solution to our channel partners and end users. This represents a new, $10 billion industry opportunity. We see significant revenue and cost synergies with this combination, and expect the acquisition to be accretive to GE's 2005 earnings."
GE's acquisition of Edwards is significant because fire detection systems are the only security devices that are required as part of the building specification in new construction projects. As a result, fire detection systems play a central role in the design and specification of overall security systems.
"We're seeing a convergence of technologies in the security arena, and a strong fire & life safety business is key to presenting an integrated facility management solution. Since Edwards' technologies can be installed using a building's existing fire system wiring, there is a significant opportunity for GE Infrastructure to serve the important retrofit segment," said Ken Boyda, President of GE Infrastructure's Security business.
http://www.ge.com
About: AZDEL
AZDEL, Inc. is a joint venture of GE Advanced Materials and PPG Industries. The AZDEL business was established in 1972 by PPG, and the 50/50 joint venture was set up with GE in 1986. AZDEL is a global leader in the manufacture and supply of high-performance composite materials serving a wide variety of markets and industries including automotive, transportation interiors, large truck, materials handling, heating, ventilation and air conditioning (HVAC), and building and construction. * AZDEL and VolcaLite are trademarks of AZDEL, Inc., a 50/50 joint venture of General Electric Company and PPG Industries. |
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