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StumbleMaker of airport bomb detectors acquired
Monday, March 15, 2004 | 11:16 a.m.
FAIRFIELD, Conn. -- General Electric Co. said today it agreed to acquire InVision Technologies Inc., the largest maker of bomb detectors used in U.S. airports, for $900 million in cash to expand its line of security products.
General Electric will pay $50 a share, 21 percent more than InVision's closing price on Friday. The purchase is part of Chief Executive Jeffrey Immelt's plan to build faster-growing units including security and shed those with lower returns such as insurance.
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