Safran acquires GE’s residual stake in Morpho Detection Inc.
Paris, December 4, 2012
Safran (NYSE Euronext Paris: SAF) announces the acquisition of General Electric's residual 19% stake in Morpho Detection Inc. (MDI).
The operation results from the exercise of an option provided for in September 2009 when Safran acquired 81% of MDI from General Electric.
The residual 19% stake is valued at Euro 90 million and its purchase is financed by Safran's available cash in the current fiscal year.
Morpho USA now owns 100% of Morpho Detection Inc. Morpho is the subsidiary of Safran dedicated to Security.
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Safran is a leading international high-technology group with three core businesses: Aerospace (propulsion and equipment), Defence and Security. Operating worldwide, the Safran group has close to 60,000 employees and generated sales of 11.7 billion euros in 2011. Working alone or in partnership, Safran holds world or European leadership positions in its core markets. The Group invests heavily in Research & Development to meet the requirements of changing markets, including expenditures of 1.3 billion euros in 2011. Safran is listed on NYSE Euronext Paris and is part of the CAC40 index.
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