Sofradir announces GE as new shareholder for its subsidiary, Ulis

Sofradir, a leading developer and manufacturer of advanced cooled infrared detectors for military, space and commercial applications, announced today that GE, General Electric Company, will become a minority shareholder in Ulis, a subsidiary of Sofradir and maker of uncooled infrared detectors mainly for commercial applications.

In the deal, GE obtains a 15 per cent 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 percent.

"We’re delighted to have GE join us as we enter a new phase at Ulis", said Philippe Bensussan, Chairman and CEO at Sofradir and Chairman at Ulis. "Ulis has successfully turned its amorphous silicon technology into marketable products for commercial infrared equipment in an accelerated mode. The CEA brought key technology assets in the form of patents and tight cooperation for continuous improvements of the technology.

"Ulis took full advantage of this producible technology, fully compatible with silicon processes, and offers to the market detectors which outperform other existing competing technologies. The company is poised for further growth into professional and mass markets and GE’s portfolio of activities including medical and sensor applications will help open new doors and opportunities. It is a good deal for us, GE and CEA Valorisation", added Bensussan.

Founded in 2002 as a subsidiary of Sofradir, Ulis develops and manufactures low cost uncooled long-wave infrared imagers for building inspection, fire-fighter equipment, night vision enhancements for drivers of vehicles, and industrial maintenance and surveillance. Ulis’ motto is to make infrared vision affordable to all. Ulis has experienced an average 50 percent annual growth since 2002. Sales for 2007 stood at USD 60 million (EUR 39 M).

About Sofradir & Ulis
Sofradir develops and manufactures advanced infrared detectors (IR) for military, space and commercial applications. It specializes in cooled IR detectors based on a sophisticated high performance technology, Mercury Cadmium Telluride (MCT), and its vast product portfolio of scanning and staring arrays covers the entire infrared spectrum. Ulis, a subsidiary of Sofradir, designs and manufactures low cost uncooled infrared detectors for commercial applications. Together the companies generated revenues of EUR 110 M (USD 165 M) in 2007.
Sofradir and Ulis directly export more than 70 percent of their products. Customers include the US Army, Thales, Sagem, Selex, Alcatel Alenia Space and ESA (European Space Agency) and FLIR. The manufacturing facilities of Sofradir and Ulis are located in Veurey-Voroize, near Grenoble, France. Sofradir and Ulis employ 450 people.

About General Electric Company
GE (NYSE: GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world’s toughest problems. GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit www.ge.com