GE to Acquire Ion Track, Be Subsidiary of GE Interlogix
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.
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