UTC Fire & Security Acquires Norway's Simtronics ASABy Utc Fire Security, PRNE
Thursday, April 28, 2011
FARMINGTON, Connecticut, April 29, 2011 - UTC Fire & Security, a unit of United Technologies Corp. (NYSE: UTX), has
acquired a majority of the shares of Simtronics ASA (OSE: SIMTRO), a
Norway-based provider of sophisticated gas and flame detection systems,
extinguishing solutions and fire prevention systems for marine and off-shore
(Logo: photos.prnewswire.com/prnh/20090819/NE63296LOGO )
UTC Fire & Security purchased more than 85 percent of the outstanding
shares of Simtronics through its subsidiary Autronica Fire and Security AS.
Autronica plans to initiate a compulsory acquisition of the remaining shares
and delist Simtronics from the Oslo Stock Exchange. The full acquisition and
delisting is expected to be completed in the second quarter 2011.
"This is an important strategic acquisition for UTC Fire & Security. We
will be expanding our offering of high quality gas and flame detection
products, as well as increasing our ability to provide gaseous suppression
solutions for our customers," stated Scott Buckhout, President, UTC Fire &
Simtronics Chairman, John Afseth noted, "I am pleased with this
transaction. UTC Fire & Security will enable Simtronics to expand to even
further horizons, bringing the Simtronics brand and knowledge to more
customers around the world."
Rune Martini, CEO, Simtronics added, "By implementing UTC Fire &
Security's global expertise, capabilities and network throughout our business
operations, I am confident that this acquisition will provide a superior
platform for Simtronics' continued global growth. Our organization remains
committed to supplying high-quality solutions to our customers, which satisfy
their fire protection needs."
Founded in 1948, Simtronics is an international supplier of fire and gas
safety systems, active fire fighting solutions and fire prevention systems.
Simtronics' flame and gas detectors represent some of the most accurate,
reliable and robust safety technologies available. Simtronics' products,
solutions and systems are used by the oil and gas industry as well as in
shipping, petrochemical and other process industries and in mining.
Simtronics is well established in Europe, the Middle East and Asia.
About UTC Fire and Security
UTC Fire & Security provides fire safety and security solutions to more
than 1 million customers worldwide. Headquartered in Connecticut, U.S., UTC
Fire & Security is a business unit of United Technologies Corp. (NYSE: UTX),
which provides high technology products and services to the building and
aerospace industries worldwide. More information can be found at
This release includes "forward looking statements" concerning the
anticipated completion and benefits of a transaction that remains subject to
uncertainties, as well as expected revenues and operating margins for that
business. Important factors that could cause actual results to differ
materially from those anticipated or implied in forward looking statements
include delays or inability to obtain necessary regulatory approvals and
changes in anticipated or actual economic conditions. For information
identifying other important economic, political, regulatory, legal,
technological, competitive and other uncertainties, see UTC's SEC filings as
submitted from time to time, including but not limited to, the information in
the "Business" section of UTC's Annual Report on Form 10-K, the information
included in UTC's 10-K and 10-Q Reports under the heading "Management's
Discussion and Analysis of Financial Condition and Results of Operations,"
and the information included in Current Reports on Form 8-K.
Europe: Philippe Legris, UTC Fire & Security - Global Fire Products, +33-625-572-283, Philippe.Legris at chubb.fr; or North America: Sarah O'Shea, UTC Fire & Security, +1-860-284-3076, sarah.o'shea at fs.utc.com
Tags: April 29, Connecticut, Farmington, Norway, Utc Fire & Security