PLAINVILLE, Conn.--(BUSINESS WIRE)--May 14, 2003--GE Industrial Systems, a $6 billion unit of the General Electric Company (NSYE: GE) announced today it has completed the acquisition of SI Pressure Instruments, a unit of Hill & Smith Holding, PLC.
SI Pressure Instruments is a global provider of advanced technology, pressure instruments and measurement systems for many of the world's essential industries, including: aerospace, automotive, food, oil and gas, power generation, utilities, marine and process engineering.
SI Pressure Instruments will become part of the GE Druck operation based in Leicester, United Kingdom, a unit of GE Industrial System's Measurement business. Terms of the transaction were not disclosed.
The SI product portfolio includes highly accurate pressure generators, pressure calibration systems, digital indicators, deadweight testers, and monitoring and control software.
The company's products are used in most industries that require highly accurate calibration or pressure checking for critical instruments.
We are pleased to announce the completion of the SI Pressure Instruments acquisition as GE continues its expansion in sensors and instrumentation technologies, helping to control and protect the world around us, said James Shepard, president and CEO of GE's Measurement business.
SI Pressure Instruments brings to GE growth through expanded products and service in pressure instruments and measurement systems, and is a complement to our measurement and sensing technologies.
Shepard said GE's presence in the $60 billion global sensors and instrumentation industry continues to expand, and that the segment is projected to continue growing in the future.
With SI Pressure Instruments, we can provide greater customer value by achieving new synergies and we will present the world an even broader array of GE measurement and sensing solutions to help control and protect living and work environments for increased safety, comfort and productivity, Shepard added.
We expect the collaboration between our growing sensors and instrumentation businesses, especially in the UK, will only help further accelerate profitable growth .
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 www.GEindustrial.com.
(Note to 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 center at: http://www.geindustrial.com/presscenter/).
About GE Measurement
GE Druck, as part of GE Industrial Systems' Measurement business, is a manufacturer of precision pressure measuring and test equipment with subsidiaries throughout America, Europe and the Far East.
The products range includes pressure sensors, portable calibrators, calibration standards and air data test systems.
GE Measurement is an industry leader in the design and manufacture of precision temperature, humidity and pressure sensors, field calibrators and measurement instrumentation.
With operations around the world, GE Measurement develops technologies and solutions using thermal validation, dew point measurement, gas flow measurement, control circuit protection, liquid level detection, and microstructure design for products and services in applications such as environmental, marine, meteorology, aerospace, defense, medical, pharmaceutical, biotechnology, automotive, industrial, commercial, petrochemical, power generation and transportation.
About SI Pressure Instruments
SI Pressure Instruments specializes in advanced technology, pressure instruments and measurement systems for many of the world's essential industries. The company has grown over 70 years from its introduction of Barnet Deadweight Testers in the 1930's. SI also maintains one of the UK's premier UKAS accredited calibration labs to ensure high product quality, accuracy and to provide third party calibration.
For more information, visit the company's website at: www.si-pressure.com.
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. SUCH STATEMENTS ARE BASED ON INFORMATION AVAILABLE AS OF THE DATE HEREOF, AND ARE MADE ONLY AS OF THE DATE HEREOF. TO THE EXTENT THAT SUCH STATEMENTS RELATE TO THE PROPOSED ACQUISITION REFERRED TO IN THIS RELEASE, THERE IS A RISK, AMONG OTHERS, THAT THE TRANSACTION MIGHT NOT BE COMPLETED.
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CONTACT: For more information on GE Industrial Systems:
Terry Dunn, 860/747-7397
[email protected]
or
For more information on GE Measurement:
Gary Pacilio, 678/627-0930
[email protected]
or
For more information on SI Pressure Instrument:
David Grove
Hill & Smith Holding PLC
44 (0) 1 21 704 7430
[email protected]