French arms and aircraft parts maker Safran SA has agreed to buy 81% of GE Homeland Protection for $580 million, marking its second purchase of a U.S. security business in the past year.
General Electric Co., the seller of the Newark, Calif., business, will retain a 19% stake and a seat on the unit's board. GE Homeland Protection makes airport security equipment and had sales of about $260 million last year.
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