GE Subsidiary Buying Bently Nevada
MINDEN, Nev. (AP) _ GE Power Systems, an Atlanta-based subsidiary of General Electric Co., announced Friday it is acquiring machine monitoring and diagnostics maker Bently Nevada Corp.
Financial terms of the deal, which is subject to regulatory approval, were not disclosed.
``Bently Nevada’s strong technology and engineering culture will complement GE’s existing product offering providing a more complete service solution for customers,″ John Rice, president and chief executive officer of GE Power Systems, said in a statement.
Donald E. Bently founded Nevada Bently in 1961 with a work force of three. The electronics manufacturer since has grown to 2,100 employees worldwide and has projected sales of nearly $235 million in 2001.
``The sale of the company allows everyone a favorable outcome,″ Bently said Friday. ``GE is obviously a very successful company and Bently Nevada and its employees can continue to prosper under their leadership.″
GE Power Systems, one of the world’s leading suppliers of power generation technology and energy services, reported revenue of $15 billion in 2000.
Its parent, General Electric Co., reported last month its third-quarter earnings rose 3 percent, to $3.28 billion, despite insurance losses of $400 million resulting from the Sept. 11 terrorist attacks.
For the three months ended Sept. 30, net income totaled 33 cents per share. That compares with profits of $3.18 billion, or 32 cents per share, in the same quarter last year.
Shares of GE closed down $1.23 at $38.50 on the New York Stock Exchange.