United Technologies Corp. (NYSE:UTX) announced Monday, March 1, it closed on its agreement to purchase the GE Security business from GE (NYSE:GE).

“This strategic acquisition enhances the scale, market reach and product offerings of our existing UTC Fire & Security business,” UTC Chairman & Chief Executive Officer Louis Chênevert said. “It demonstrates our disciplined approach to acquisitions and capital redeployment that focuses on delivering shareholder value.”

The GE Security business, formerly part of GE Home & Business Solutions, supplies security and life safety technologies through a broad product portfolio for commercial and residential applications.

UTC first announced its agreement to acquire the GE Security business in November 2009. The business now becomes part of UTC Fire & Security, which provides fire safety and security solutions to more than 1 million customers worldwide.

Based in Hartford, Connecticut, UTC is a diversified company that provides high technology products and services to the building systems and aerospace industries.