Sofradir announces GE as new shareholder for its subsidiary Ulis
APRIL 30, 2008--Sofradir (Veurey-Voroize, France), a developer and manufacturer of advanced cooled infrared detectors, has announced that General Electric Company will become a minority shareholder in its subsidiary Ulis.
APRIL 30, 2008--Sofradir (Veurey-Voroize, France), a developer and manufacturer of advanced cooled infrared detectors for military, space, and commercial applications, has announced that General Electric Company (GE; www.ge.com) will become a minority shareholder in Ulis, a subsidiary of Sofradir, and maker of uncooled infrared detectors for commercial applications. In the deal, GE obtains a 15% ownership and replaces minority shareholder CEA Valorisation, an equity investor for the French Atomic Energy Agency (Commissariat à l'Energie Atomique).
CEA Valorisation's exit was done in accordance with the 2002 shareholder agreement to allow an exit after a five-year period. Financial details of the deal were not disclosed. Sofradir remains the principal shareholder with 85%.
Founded in 2002 as a subsidiary of Sofradir, Ulis develops and manufactures low-cost uncooled long-wave infrared imagers for building inspection, firefighter equipment, night-vision enhancements for drivers, and industrial maintenance and surveillance. Ulis has experienced an average 50% annual growth since 2002.