GE Signs Agreement to Acquire Naxys, a Norway-Based Supplier of Leak Detection and Condition Monitoring Sensors for Subsea Applications
Deal Expands GE's Measurement & Control Solutions in the Subsea Space----- Companies Share a Commitment to Technology and Innovation
BOSTON—August 10, 2012—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."
The addition of Naxys will expand GE's sensing and condition monitoring offerings and extend its reach into the subsea space for energy customers around the world. "GE's global presence will allow Naxys to introduce its solutions to a worldwide customer base," said Jens Abrahamsen, CEO of Naxys. "While very different in scale, these two companies both bring outstanding innovation to bear."
Naxys develops and supplies leak detection and condition monitoring sensors based on proprietary, passive acoustic hydrophone technology. The design of the sensing element enables extremely sensitive and accurate measurement of subsea acoustics. Naxys' products allow operators to monitor the integrity of their subsea installations.
On August 1, GE's Measurement & Control business acquired PRESENS, a provider of pressure, temperature and flow measurement solutions for efficient operation of subsea equipment. GE's Measurement & Control business is based in the greater Boston area. It is a leading innovator in sensor-based measurement, inspection, asset condition monitoring, controls and radiation measurement solutions that deliver accuracy, productivity and safety to customers in a wide range of industries, including oil and gas, power generation, aerospace, transportation and healthcare. The business is part of GE Oil & Gas and has more than 40 facilities in 25 countries worldwide.
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