InVision, GE deal hits another roadblock
August 19, 2004
NEWARK, Calif. - General ElectricÃ¢â‚¬â„¢s plans to buy explosive detection company InVision Technologies could be in jeopardy of closing soon with the announcement that regulators may launch a probe into improper payments at the company.
A possible Securities and Exchange Commission investigation may not be completed until the end of October, further delaying the deal and dashing GEÃ¢â‚¬â„¢s hopes to close on the $900 million transaction in July.
InVision recently revealed that an internal investigation uncovered improper payments by company distributors in foreign sales. According to a company issued press release, the payments could be in violation of the Foreign Corrupt Practices Act.
InVision Technologies manufactures baggage screening products used by airports in the United States and overseas.
GEÃ¢â‚¬â„¢s planned acquisition of InVision Technologies was announced in March.