GE partners with Smiths
LONDON--As Security Systems News went to press, GE Homeland Protection and Smiths Detection, headquartered here, announced a letter of intent to form a joint venture, to be called Smiths GE Detection, which will be owned 64 percent by Smiths and 36 percent by General Electric. Stephen Phipson, currently group managing director of Smiths Detection, will serve as Smiths GE's first president.
The creation of the joint venture hinges on board and shareholder approval, as well as completion of a $4.8 million deal whereby Smiths will sell its Aerospace division to GE. There are no voluntary exit rights for either company for the first five years.