US INDUSTRIAL giant GE announced yesterday it is to acquire Shannon technology firm FMC-Tech for an undisclosed sum.

FMC-Tech managing director Mike McCormack said GE’s brand and global reach would give the company’s product portfolio a “wonderful opportunity” for growth. “This is a good outcome for our shareholders, management and employees,” Mr McCormack said, describing the deal as an Irish success story.

FMC-Tech’s electricity network management technology is a system of software and sensors that helps to locate outages and detect faults before they occur in power lines.

The acquisition of this portfolio will enable GE to provide a new level of grid intelligence to utilities, commented Bob Gilligan, chief executive of digital energy at GE Energy Services.

The acquisition is expected to be completed in July. FMC-Tech’s six employees will remain in Shannon. FMC-Tech previously received investment from other bodies such as Enterprise Ireland.