GE, Interlogix plan integration
PLAINVILLE, Conn.-General Electric is moving a step closer to acquiring Interlogix, with the two companies establishing a planning team to talk about the integration once the $777 billion deal goes through.
According to a memo sent by Ken Boyda, president and chief executive officer of Interlogix, to employees, an Integration Planning Team spent two days meeting at Crotonville, GE's learning center in Ossining, N.Y.
"It was a very positive and productive session that helped us to better understand each other's businesses, get to know some of the key players and assess how close or how far apart we are on things like values, culture, and general ways of doing business," wrote Boyda in the memo.
Officials from both companies still expect the deal to close during the first quarter of the year. The tender offer for shares of Interlogix was scheduled originally to close Feb. 11 but had been extended until Feb. 19, as of press time.
In his memo, Boyda also said he understands employees have a lot of questions about job security, benefits and the new organization.
"While we don't have a lot of answers now, we are committed to keeping you informed of our progress and providing what answers we can when we can," wrote Boyda. "What we need from you now is your patience and support for this tremendous opportunity. Please also keep in mind that until the transaction is final we need to be careful not to make any speculative comments to customers, suppliers or the media."