FARMINGTON, Conn., April 29, 2011 /PRNewswire/ -- 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 industries.
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 & Security.
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 www.utcfireandsecurity.com.
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.
SOURCE UTC Fire & Security