United States. U.S. conglomerate United Technologies announced today that it will purchase the fire detection and security business of General Electric Co. (GE Security), for $1.82 billion. The closure is still pending regulatory approvals.With this acquisition, United Technologies would increase its presence in the security sector in the U.S. market. For 2010 this transaction will generate neutral revenues, but when it is already part of the business it will generate profits from 2011, according to Louis Chênevert, president and CEO of United Technologies.
The sale of the security section is part of a GE strategy, which includes exploring options for its NBC Universal Media business and cutting GE Capital's finance division.
GE Security has 4,700 employees in 26 countries.
