CORK, Ireland, Dec. 10, 2014 /PRNewswire/ -- Tyco
International plc (NYSE: TYC) announced today that it has reached
an agreement to acquire Industrial Safety Technologies (IST), a
global leader in gas and flame detection, from Battery Ventures,
for $329.5 million in cash.
The combination of IST with Tyco's Scott Safety unit will make
Tyco one of the largest global designers and manufacturers of gas
and flame detection products. IST holds a technology leadership
position in the gas and flame detection industry and is committed
to innovating in industrial safety solutions, such as its
groundbreaking wireless gas-detection technology. IST brings strong
market presence in Europe, the
Middle East, and the U.S. Gulf
Coast region to complement Scott Safety's detection business.
"We are committed to providing our customers with a full range
of safety solutions," said Andrew
Chrostowski, President, Scott Safety. "The addition of IST
reinforces this commitment and establishes Scott Safety as a world
leader in gas detection. Each of IST's businesses provides a unique
set of detection capabilities that will enable us to accelerate new
product development, expand our geographic presence, deepen our
technical expertise and broaden our product offerings and service
capabilities."
On an annualized basis, the addition of IST to Tyco's operations
is expected to generate approximately $140
million in revenue.
This transaction, which is subject to customary closing
conditions, is expected to close in Tyco's fiscal second
quarter.
ABOUT TYCO
Tyco (NYSE: TYC) is the world's largest
pure-play fire protection and security company. Tyco provides more
than three million customers around the globe with the latest fire
protection and security products and services. A company with $10+
billion in annual revenue, Tyco has over 57,000 employees in more
than 900 locations across 50 countries serving various end markets,
including commercial, institutional, governmental, retail,
industrial, energy, residential and small business. For more
information, visit www.tyco.com.
FORWARD-LOOKING STATEMENTS
This press release
contains a number of forward-looking statements. In many cases
forward-looking statements are identified by words, and variations
of words, such as "anticipate", "estimate", "believe", "commit",
"confident", "continue", "could", "intend", "may", "plan",
"potential", "predict", "positioned", "should", "will", "expect",
"objective", "projection", "forecast", "goal", "guidance",
"outlook", "effort", "target", and other similar words. However,
the absence of these words does not mean the statements are not
forward-looking. Examples of forward-looking statements include,
but are not limited to, revenue, operating income, earnings per
share and other financial projections, statements regarding the
health and growth prospects of the industries and end markets in
which Tyco operates, the leadership, resources, potential,
priorities, and opportunities for Tyco in the future, Tyco's credit
profile, capital allocation priorities and other capital market
related activities, and statements regarding Tyco's acquisition,
divestiture, restructuring and other productivity initiatives. The
forward-looking statements in this press release are based on
current expectations and assumptions that are subject to risks and
uncertainties, many of which are outside of our control, and could
cause results to materially differ from expectations. Such risks
and uncertainties include, but are not limited to: economic,
business, competitive, technological or regulatory factors that
adversely impact Tyco or the markets and industries in which it
competes; unanticipated expenses such as litigation or legal
settlement expenses; tax law changes; and industry specific events
or conditions that may adversely impact revenue or other financial
projections. Actual results could differ materially from
anticipated results. Tyco is under no obligation (and expressly
disclaims any obligation) to update its forward-looking statements.
More information on potential factors that could affect the
Company's financial results is included from time to time in the
"Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" sections of the
Company's public reports filed with the SEC, including the
Company's Form 10-K for the fiscal year ended September 26,
2014, filed with the SEC.
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SOURCE Tyco