PARIS and FAIRFIELD, Connecticut - Safran and GE (NYSE: GE) announced today that they have completed the transaction originally announced on April 24, 2009, for Safran to acquire 81% of GE’s Homeland Protection business (GE Homeland Protection). GE will retain a 19% stake in the company, as well as a seat on the Board of Directors.
Homeland Protection is a leader in explosive and narcotics detection for aviation safety, checked baggage screening, military & critical infrastructure protection and new growth platforms in Chem/Bio, X-ray and Radiation/Nuclear detection. Safran group’s subsidiary Sagem Securite will operate the new business.
About Safran
Safran is a leading international high-technology group with three core businesses: Aerospace (propulsion and equipment), Defense and Security. Operating worldwide, the Safran group has 54,500 employees and generated sales exceeding 10 billion euros in 2008. Working alone or in partnership, Safran holds world or European leadership positions in its core markets. The Group invests heavily in Research & Development to meet the requirements of changing markets, including expenditures of 1.2 billion euros in 2008. Safran is listed on NYSE Euronext Paris and its share is part of the SBF 120 and Euronext 100 indexes. For more information, www.safran-group.com.
About Sagem Securite
Sagem Securite (SAFRAN Group) is a high-technology company. One of the world’s leading suppliers of identity solutions, Sagem Securite focuses on applications including personal rights and flow management, in particular based on biometrics, a sector in which it is the world leader, secure terminals and smart cards. Its integrated systems and equipment are deployed worldwide and contribute to the safety and security of transportation, data, people and states. For more information, www.sagem-securite.com .
About GE
GE (NYSE: GE) is a diversified infrastructure, finance and media company taking on the world’s toughest challenges. From aircraft engines and power generation to financial services, medical imaging, and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company’s Web site at www.ge.com.
Source: SAFRAN
Media Contacts: Michelle May, GE, +1-989-835-3563, michelle.may at ge.com ; Catherine Malek, Safran, +33(0)1-40-60-80-28, catherine.malek at safran.fr . Analysts & Investors Contacts: Joanna Morris, GE, +1-203-373-2472, joanna.morris at ge.com ; Quy Nguyen-Ngoc, Safran, +33(0)1-40-60-80-45, quy.nguyen-ngoc at safran.fr .
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