GE to Acquire SPX’s Fire Detection Unit
From Reuters
General Electric Co. said it would buy a fire detection systems business from SPX Corp. for nearly $1.4 billion in cash in a move to bolster its building and security systems unit.
The acquisition of SPX’s Edwards Systems Technology would give GE a foothold in fire detection systems and allow it to boost its place in security systems, a key business for its infrastructure unit that also offers factory automation equipment and sensors.
GE shares fell 15 cents to $36.10. Shares of Charlotte, N.C.-based SPX rose $1.22 to $44.21. Both trade on the New York Stock Exchange.
