GE Acquires Norway-based PRESENSAugust 2, 2012
Deal expands GE’s portfolio of measurement & control solutions; companies share a commitment to technology and innovation.
BOSTON, MA -- GE (NYSE: GE) announced the acquisition of PRESENS, a provider of pressure, temperature and flow measurement solutions. The acquisition expands GE's portfolio of sensing solutions and will be part of the company's Measurement & Control business within GE Oil & Gas. This acquisition will enhance GE Oil & Gas's presence in Norway and will allow customers of both companies to benefit from an innovative and integrated technology offer.
Headquartered in Oslo, Norway, PRESENS employs 36 people in total and provides high-performance sensors, specializing in high-pressure measurements and severe environments.
"The sensors expertise PRESENS brings to our portfolio is a natural fit. We share a commitment to technology and innovation" said Brian Palmer, president and CEO of GE Measurement & Control and vice president of GE Energy. "We are building an integration strategy that will capitalize on both companies' existing expertise, with a focus on the combined talent that we have."
The addition of PRESENS will expand GE's core energy offerings and extend its reach into adjacent offerings for energy and industrial customers around the world. The deal is the latest in a series of acquisitions over the last 10 years that has spurred growth in GE's Measurement & Control business.
"While very different in scale, these two companies both bring outstanding innovation to bear," said Frode Meringdal, CEO of PRESENS. "GE's global presence provides PRESENS with the opportunity to introduce our solutions to a worldwide customer base."
PRESENS develops and supplies pressure sensor solutions based on proprietary, patented technology. The design of the sensing element enables extremely accurate and stable measurement of pressure and temperature. The sensors generate highly reliable data that is an ideal input for advanced monitoring and control systems, allowing them to operate to their full potential.
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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