STAMFORD, Conn.--(BUSINESS WIRE)--GE - Equipment Services today announced it has acquired the business of Terion Inc., a leading provider of two-way wireless data communication and information solutions for the transportation industry, accelerating its development of productivity solutions for the transport of goods through global supply chains. Terion is privately held, and terms of the transaction were not disclosed.
Equipment Services, owner and lessor of one of the world's largest fleets of trucks, over-the-road trailers, railcars and sea containers, will integrate the Terion businesses with its Asset Intelligence division. Through its Asset Intelligence division, Equipment Services offers solutions for tracking transportation assets and monitoring the condition of those assets and the shipments they carry. Equipment Services is also involved in developing "predictive maintenance" solutions for mobile assets by combining the capabilities of Asset Intelligence with its Trailer Fleet Services and Rail Services divisions.
Terion was one of the first companies to market with a solution developed from the ground up for the un-tethered trailer tracking market. Equipment Services and Terion combined operate more than 100,000 tracking and monitoring units on over-the-road trailers in the U.S. and Europe. Their customers for these services include Wal-Mart, the U.S. Postal Service, J.B. Hunt Transport Services, Inc. and Knight Transportation, among others.
"Our business is evolving from simply providing financing for transportation assets to providing broader solutions that help shippers and transporters make their supply chains more productive," said Equipment Services President and CEO Deborah Reif. "Terion's technology, people and vision complement ours beautifully, and will help us increase our current capabilities for over-the-road trailers and accelerate our development of intelligence-based services for other modes of transport."
Thomas Konditi, president and CEO of GE's Asset Intelligence division, said, "This is a strategic decision for Equipment Services. It allows us to offer our customers an unmatched portfolio of solutions and also positions us as the undisputed technology leader in the asset tracking space. We admire Terion's technology expertise and solutions focused DNA, and this complements our approach of developing strategic capabilities to serve global supply chains."
"We are delighted to join forces with GE, " said Ken Cranston, president and CEO of Terion Inc. "Together we can advance the science of fleet management, improve the speed and timeliness of transportation and make a significant difference to alleviate the current pain points our customers feel."
Asset Intelligence and Terion will coordinate operations but continue to operate separately over the next several months while the two businesses develop and implement integration plans.
About Equipment Services
GE's Equipment Services business is a global provider of transport solutions for the world's supply chains. Offering a full range of equipment leasing and intelligence-based asset management and logistics services for services for manufacturers, retailers and shippers, Equipment Services enables the timely movement of raw materials and cargo for the global economy.
About GE
GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
Contacts
Equipment Services, Stamford, CT
David Frail, 203-961-2281
[email protected]
or
Terion, Plano, TX
Todd Felker, 972-398-7303
[email protected]
Britta Kons
GE Healthcare Global Services
[email protected]
1-203-400-1892