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| GE to sell security unit to United Technologies |
| AFP/ PTI / New York Nov 12, 2009, 21:33 IST |
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US conglomerate General Electric (GE) today announced it would sell its security unit to United Technologies Corp for $1.82 billion.
GE Security provides communication and technologies for surveillance, security and fire detection and has operations in over 26 countries.
"The Security business required significant investment in its capabilities to evolve and better serve the security industry," said Charlene Begley, president and chief executive of the unit that includes GE Security.
The Security business will become part of UTC's Fire & Security business, which is headquartered in Connecticut.
"We're excited to invest in a company whose technologies will improve our growing position in the fire and security industry," said UTC division president William Brown.
"GE Security has well respected products and brands that complement our existing portfolio and position us well for future growth."
GE, one of the world's biggest companies, makes aircraft engines, energy equipment and owns the NBC Universal media entertainment group.
UTC is a diversified company whose units include Sikorsky helicopters, Pratt & Whitney aircraft engines, Hamilton Sundstrand aerospace systems, Otis elevators and Carrier heating and air conditioning.
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