Creating a broader portfolio of GE security solutions, GE
Industrial Systems, a division of GE Co., has signed an
agreement to purchase trace detection systems provider Ion
Track Inc. of Wilmington, Mass., which will become a
subsidiary of GE Interlogix.
The transaction is subject to government approvals and
other customary conditions, and is expected to close in the
fourth quarter of 2002. Terms of the transaction were not
disclosed. A majority interest in Ion Track is currently
held by a private equity investment fund organized and
managed by Castle Harlan Inc. Ion Track’s management also
holds a substantial stake.
Ion Track provides provides systems for aviation
security, embassy and high-threat facility security,
military force protection and interdiction of illicit drugs
at borders, prisons and within communities. The company’s
products collect and analyze minute traces of vapor or
particles given off by the contraband materials.
“Our products and technologies contribute to improved
public safety and security and provide advanced solutions
to address many of the priority areas of the homeland
security initiatives,” says Anthony Jenkins, president and
CEO of Ion Track Inc.