GE Signs Agreement to Acquire Naxys, a Norway-Based Supplier of Leak Detection and Condition Monitoring Sensors for Subsea Applications
GE (NYSE: GE) today announced it has entered into an agreement to acquire Naxys, a provider of subsea leak detection and condition monitoring sensors based on passive acoustic technology. The acquisition, which is subject to regulatory approval and other customary closing conditions, further expands GE's monitoring and sensing solutions and will be part of the company's Measurement & Control business. This deal is another step towards a stronger GE presence in Norway. Headquartered in Bergen, Norway, Naxys employs 31 people.
“Through its commitment to innovation, Naxys has developed world-class sensor expertise and technology that fits well with GE's culture and capabilities,” said Brian Palmer, president and CEO of GE Measurement & Control and vice president of GE Energy. “By combining talent and know-how, we are developing a strategy that will capitalize on both companies' existing expertise.”
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.