NEWARK, Calif., April 28 (UPI) -- U.S. company GE has signed a deal to sell a majority stake in its Homeland Protection business unit to aerospace and defense technology developer Safran.
GE said it reached a deal for Safran to purchase 81 percent of GE Security's Homeland Protection business. Safran signed the definitive agreement to acquire the majority stake for $580 million and align the business unit into the company's Sagem Securite defense-security division.
Officials said the deal, subject to regulatory approvals, has been approved by both companies' boards of directors.
"This is a great move for our Homeland Protection business," Dennis Cooke, GE Security Homeland Protection president and chief executive, said in a statement.
"This move aligns Homeland Protection with a business that is committed to globalization and further investment in new detection technologies and new products for the homeland-security space."