GE Completes Acquisition of Smiths Aerospace

Defense Daily, May 7, 2007

General Electric [GE] on Friday completed its $4.8 billion acquisition of Smiths Aerospace from Britain's Smiths Group, allowing the company to realize its goal of moving its aerospace business beyond engine work.

Smiths Aerospace, which had $2.4 billion in sales last year, supplies cockpit avionics, electrical power systems, aircraft mechanical systems and engine components for a range of military and commercial aircraft (Defense Daily, Jan. 17). GE failed in an earlier attempt six years ago to acquire Honeywell [HON].

Still pending is a merger of Smiths and GE's homeland security businesses, which was contingent on the aerospace deal going through. The Smiths GE Detection joint venture would be controlled by Smiths Group, with about two- thirds of the ownership.

[Copyright 2006 Access Intelligence, LLC. All rights reserved.]

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