(By Balaseshan) General Electric Co. (NYSE:GE) said it has agreed to buy Norway-based Naxys, a supplier of leak detection and condition monitoring sensors for subsea applications for an undisclosed sum.
The acquisition further expands GE's monitoring and sensing solutions and will be part of the company's Measurement & Control business. This deal is another step towards a stronger GE presence in Norway.
Headquartered in Bergen, Norway, Naxys employs 31 people. 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.
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 & Control business acquired PRESENS, a provider of pressure, temperature and flow measurement solutions for efficient operation of subsea equipment.
GE's Measurement & Control business, which is part of GE Oil & Gas and has more than 40 facilities in 25 countries worldwide, is based in the greater Boston area.
GE closed Thursday's regular session at $21.06. The stock has been trading between $14.02 and $21.19 for the past 52 weeks.