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Official GE / EST Press Release
General Electric Agrees to Acquire Edwards Systems Technology
WILTON, Conn. --(BUSINESS WIRE)-- Nov. 15, 2004
Note: Both GE and EST are key suppliers to InterTECH Security. This transaction is a positive development for the industry in general, but also specifically for InterTECH customers, who will not be adversely affected in any way.
Broadening GE's Security Business, Complementary Technologies and
Channels to Market Will Create Significant New Growth Opportunities
GE Infrastructure, a unit of General Electric Company (NYSE: GE), announced today that, subject to regulatory approvals, GE will acquire Edwards Systems Technology (EST), the fire detection systems business of SPX Corporation (NYSE: SPW) 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.
About GE Infrastructure
GE Infrastructure, headquartered in Wilton, Conn., is a high-technology platform, comprised of some of GE's fastest-growing businesses, including the Security and Water & Process Technologies platforms. These global businesses offer a set of infrastructure protection and productivity solutions to some of the most pressing issues that industries face. Learn more at http://www.geinfrastructure.com. For more information about GE's Security business and our product offerings, please visit http://www.gesecurity.com.
"This document contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will," or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of GE. Forward-looking statements are based on management's current expectations and assumptions, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially from these expectations and assumptions due to changes in global political, economic, business, competitive, market, regulatory and other factors. We undertake no obligation to publicly update or review any forward-looking information, whether as a result of new information, future developments or otherwise."
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CONTACT: GE Infrastructure
Jay Pinkert, 512-381-2778
Jeffrey DeMarrais, 203-761-1935
or
GE
David Frail, 203-373-3387
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