GE Security: For sale
All of you who've got $2 billion in the checking account, start lining up: GE Security is apparently for sale. Quoting from the Bloomberg article:
GE hired JPMorgan Chase & Co. to find a buyer for most of GE Security, said the people, who declined to be identified because the talks are confidential. Fairfield, Connecticut-based GE asked potential buyers to submit preliminary bids about a month ago, the people said.Well, first, shouldn't someone have ratted this out to me a while ago? Bids were asked for a month ago? I've got to get out to a show and do some gossiping. Summer's no good for gossip.
Possible acquirers include Tyco International Ltd. and United Technologies Corp., which also sell security equipment, the people said. GE may sell the unit in parts if it canâ€™t find a buyer for the whole business, one of the people said.I personally don't think Tyco or UTC would be that interested. There's a ton of duplication of effort there, especially on the Tyco side, which has a huge residential presence already.
GE Chief Executive Officer Jeffrey Immelt built the division through acquisitions of security and fire companies starting in 2002. GE Security projected $3 billion in sales by 2011, up from about $1.8 billion in 2007, Dean Seavers, the unitâ€™s chief executive officer, said in an interview in September 2008.Yeah, but did anyone really believe Dean when he said he'd almost double revenues in four years, especially considering the worldwide economic collapse? Anyway, I'll be looking into this and I'll see what I can find out.