GE completes Ion Track purchase
PLAINVILLE, Conn. - A month after announcing plans to purchase a provider of advanced trace detection systems used in aviation security and high threat facility security , GE Industrial Systems has closed on the deal.
The acquisition of Wilmington, Mass.-based Ion Track from Castle Harlan, the New York merchant bank, expands GE's offerings of security related services. The company will become a subsidiary of GE Interlogix, with Ion Track's chief executive officer Anthony Jenkins remaining on board. Terms of the transaction were not released.
"The Ion Track acquisition is another strong example of how we are expanding in growth markets, and in ways that help improve people's lives," said Lloyd Trotter, president and chief executive officer of GE Industrial Systems.
GE entered the security market earlier this year, picking up Interlogix in a deal that provided GE with a platform to grow in the security market. Since then, the company has also bought a structured wiring line known as ConnectionCenter.
Ion Track is a pioneer in the advanced detection technologies market. The company developed the first handheld explosive detector using gas chromatography technology. Its product collects and analyzes minute traces of vapor or particles emitted by contraband materials.
"With Ion Track's technology leadership, we can offer our customers a much broader portfolio of GE security solutions to challenges created by events in a changing world," said Ken Boyda, president and chief executive officer of GE Interlogix.
Castle Harlan acquired Ion Track in 2000, according to Ben Sebel, vice president of Castle Harlan. A majority interest of Ion Track was held by a private equity investment fund organized and managed by Castle Harlan. Management also held a substantial stake.