GE Completes Acquisition of Ion Track, Inc., Leaders in Advanced Trace Substance Detection, from Castle Harlan, Inc. PLAINVILLE, Conn.--(BUSINESS WIRE)--Oct. 15, 2002-- GE expanding in growth markets, investing in advanced technology and security GE Industrial Systems, a $6 billion unit of the General Electric Company (NYSE: GE), announced today it has completed its acquisition of Ion Track, Inc., from Castle Harlan, Inc., the New York merchant bank.
Ion Track is a leading provider of advanced trace detection systems for use in aviation security, embassy and high threat facility security, military force protection, and interdiction of illicit drugs at borders, prisons, and within the community. Ion Track is the exclusive producer of systems commercially available today that can simultaneously detect traces of drugs and explosives, providing the broadest available range of contraband substance detection capability. Ion Track will now become a subsidiary of GE Interlogix, Inc., a part of GE Industrial Systems, based in Plainville, Conn. CEO Anthony Jenkins will continue leading the business. Terms of the transaction were not disclosed.
The Ion Track acquisition is another strong example of how we are expanding in growth markets, and in ways that help improve people's lives, said Lloyd Trotter, President and CEO, GE Industrial Systems. Ion Track has been a pioneer in the development of advanced trace detection technologies since its beginnings.
GE has a more than 100-year history of developing new technologies to help make the world a better, safer place. We are better together than we ever could be alone, he said. Anthony Jenkins, president and CEO of Ion Track said, We bring innovation to the GE brand in trace detection technologies to help protect our customers and their customers. We're excited about joining GE with its long history of innovation, integrity and growth.
Adding Ion Track, a recognized leader in advanced trace detection technology, to our team helps us expand our comprehensive product offering as we continue to address increasing safety and security concerns of our customers. said Ken Boyda, president and CEO, GE Interlogix.
About Ion Track, Inc.
Founded in 1973, Ion Track, Inc. is a subsidiary of GE Interlogix, Inc. With offices in many countries, the business sells to governments world wide to provide explosives detection and drug interdiction equipment. Ion Track is an industry leader in developing advanced technologies to meet the changing needs of security and law enforcement. For more information visit the website at: http://www.iontrack.com.
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 technological products used to distribute, protect and control electrical power and equipment, and provides innovative product and service solutions for commercial, industrial, residential and utility applications. For more information visit the website at: http://www.GEIndustrial.com.
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CONTACT: GE Industrial Systems
Terry Dunn, 860/747-7397