PLAINVILLE, Conn.--(BUSINESS WIRE)--July 23, 2003--GE Industrial Systems, a $6 billion unit of the General Electric Company (NYSE: GE), announced today it has acquired Saferex Oy, which configures electronic security systems in Finland for security guard services, locksmiths, security contractors and wholesalers of electrical goods.
The Helinski, Finland-based company is privately held. Terms of the transaction were not disclosed.
The Saferex Oy product portfolio includes a full range of electronic security products for intrusion and fire detection; access control and surveillance video systems, including GE security products and systems.
GE is very pleased to help provide protection for people and their properties in Finland, said Lloyd Trotter, president and CEO, GE Industrial Systems. Saferex Ltd. will now become part of a growing, integrated security solution under one of the world's most respected and trusted brand names: GE.
As part of GE, Saferex Oy will now help provide a broader array of electronic security options to help protect the public, said Kenneth Boyda, president and CEO, GE Interlogix, GE's security business.
GE and Saferex are not new to each other; GE Interlogix is a long-time supplier of security products and systems to Saferex.
As part of GE, Saferex will continue to help GE develop security solutions for the needs of the Finnish market.
Saferex Oy has become an affiliate of GE Interlogix, Inc., a wholly-owned subsidiary of the General Electric Company.
About GE Industrial Systems
GE Industrial Systems spans the globe as an industry leader in integrated industrial, electrical and security equipment, systems and services. The business brings to customers the latest technologies that are used to distribute, protect and control energy and equipment, and to provide premise management.
GE provides innovative product and service solutions for commercial, industrial, residential, government and utility customers.
For more information visit the website at: http://www.geindustrial.com.
Editors: For more information and photography about GE Industrial Systems products that help provide peace of mind and protection for people, their properties and workplaces, please visit our online media enter at: http://www.geindustrial.com/presscenter/
THIS NEWS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS. THE FOLLOWING FACTORS, AMONG OTHERS, COULD CAUSE THE ACTUAL RESULTS OF THE ACQUISITION TO DIFFER MATERIALLY FROM GE INDUSTRIAL SYSTEM'S EXPECTATIONS: THE ABILITY TO TIMELY AND FULLY REALIZE THE EXPECTED COST SAVINGS AND REVENUES; COMPETITION; CHANGES IN ECONOMIC CONDITIONS. GE INDUSTRIAL SYSTEMS DOES NOT ASSUME ANY DUTY TO UPDATE FORWARD-LOOKING STATEMENTS. SUCH STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY.
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