GE Signs Agreement to Acquire Naxys

BOSTON /BUSINESS WIRE/ -- GE 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 and control business. This deal is another step toward 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 and 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 and Control business acquired PreSens, a provider of pressure, temperature, and flow measurement solutions for efficient operation of subsea equipment. GE's Measurement and 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 and Gas and has more than 40 facilities in 25 countries worldwide.

About GE
GE works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation, and finance. Building, powering, moving, and curing the world. Not just imagining. Doing. GE Energy works connecting people and ideas everywhere to create advanced technologies for powering a cleaner, more productive world. With more than 100,000 employees in over 100 countries, our diverse portfolio of product and service solutions and deep industry expertise help our customers solve their challenges locally. We serve the energy sector with technologies in such areas as natural gas, oil, coal, and nuclear energy; wind, solar, biogas, and water processing; energy management; and grid modernization. We also offer integrated solutions to serve energy- and water-intensive industries such as mining, metals, marine, petrochemical, food and beverage, and unconventional fuels.

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