PLAINVILLE, Conn.--(BUSINESS WIRE)--Feb. 26, 2003-- GE Expands in $60 Billion Global Sensors and Instrumentation Market GE Industrial Systems, a division of General Electric Company (NYSE: GE), and Hill & Smith Holding, PLC, announced today that they have signed an agreement whereby GE intends to acquire substantially all the assets 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. The company is headquartered in Birmingham, UK.
The SI product portfolio includes highly accurate pressure generators, pressure calibration systems, digita 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.
GE is continuing its expansion in sensors an instrumentation technologies to help control and protect the world around us where we live, work and play, said Lloyd Trotter, president and CEO, GE Industrial Systems.
SI Pressure Instruments brings to GE growth through expanded products and service in pressure instruments and measurement systems, and is a terrific complement to our measurement and sensing technologies.
Trotter 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 now provide 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, said James Shepard, president and CEO of GE's measurement and sensing technologies business.
Shepard said that the complementary product offerings from SI Pressure Instruments, and the company's close proximity in Birmingham to GE Druck operations in Leicester would help with a rapid integration.
We expect the collaboration between our growing sensors and instrumentation businesses, especially in the UK, will only help further accelerate profitable growth, said Shepard.
GE said it expects to finalize and close the transaction sometime during the second quarter of 2003. GE did not disclose terms of the transaction.
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 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 1930s.
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 Industria 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: GE Industrial Systems
Terry Dunn, 860/747-7397
[email protected]
or
Hill & Smith Holding PLC
David Grove, 44-(0)1 21 704 7430
[email protected]