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GE Security recently disclosed an agreement with SAFRAN, a Paris-based conglomerate specializing in defense security, aerospace propulsion, and aircraft equipment. Under this contract, GE Security relinquished 81% of its Homeland Protection Business to SAFRAN for $580 million. This means, GE Security will maintain 19% of its stake.
The GE Security acquisition will be included in SAFRAN’s defense security division, led by Chairman and CEO of Sagem Securite, Jean-Paul Jainsky. Business headquarters will remain in Newark, CA, and Dennis Cooke will keep his position of President and CEO for the Homeland Protection Business.
“This is a great move for our Homeland Protection business,” stated Dennis Cooke, President and CEO of GE Security Homeland Protection. “Our business has a strong leadership team, dedicated and talented employees, innovative technology, a large installed base, and a strong brand. This move aligns Homeland Protection with a business that is committed to globalization and further investment in new detection technologies and new products for the Homeland Security space.”
The partnership will center on international detection offerings and identification solutions, benefiting from constant access to GE’s Global Research Center and GE healthcare. By combining the technologies from both companies, customers will enjoy the latest technology advancements to keep ahead of changing dangers.
According to Jean-Paul Herteman, CEO of SAFRAN, “following our 2008 acquisitions of SDU-Identification and Motorola’s biometrics business, adding GE Homeland Protection will significantly bolster our Group’s third core business. This makes SAFRAN a pivotal player in the security market, a business that will generate 20% of the Group’s total revenues in the medium term, with double-digit profit perspectives and reducing exposure to aerospace cycles. Furthermore, this transaction is the latest step in our long-standing relationship of mutual trust and partnership with GE that reaches back some 35 years.”