By Chelsey Dulaney
Tyco International PLC said Wednesday that it has agreed to buy
gas and flame detection company Industrial Safety Technologies from
Battery Ventures for $329.5 million in cash.
Tyco, a provider of fire protection and security services that
last month completed the move of its headquarters to Cork, Ireland,
said the deal will make its Scott Safety unit one of the world's
largest manufacturers of gas and flame detection products.
Scott Safety also sells respirators and compressors, among other
items.
Tyco in May closed the sale of its fire and security services
unit to Carlyle Group for $1.93 billion. Tyco, which spun off its
North American security business in 2012, is now focusing on its
business producing safety equipment as well as fire-suppression
systems for commercial buildings.
Tyco said the IST deal, expected to close by March, could add
$140 million to its annual revenue.
Last month, Tyco reported that its fourth-quarter revenue edged
up 3.6%, to $2.7 billion, on strong growth in international
markets.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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