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Print Edition StoriesThursday, November 12, 2009
UTC buys GE Security for $1.82B
By Mass High Tech staff
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United Technologies Corp. has announced an agreement to pay $1.82 billion for GE Security, a business unit of GE Corp. that makes fire detection systems, alarm systems, video surveillance and access control systems.
GE Security, based in Bradenton, Fla., employs 4,700 people in 26 countries and operates eight manufacturing sites. UTC officials noted that the acquisition will entail restructuring and transactions costs, but it did not indicate whether layoffs would be part of the restructuring.
The acquisition will fold GE Security into UTC’s Fire & Security business unit, based in Farmington, Conn.
In March, UTC (NYSE: UTX) announced plans to lay off 11,600 employees worldwide, due to lower revenue expectations for 2009.
United Technologies, based in Hartford, Conn., was founded in 1853 by elevator manufacturing pioneer Elisha Graves Otis. The company is now a conglomerate of eight business units, which specialize in technologies ranging from heating and aerospace systems to fire and security protection systems.
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