UTC Fire & Security Acquires Norway's Simtronics ASA
UTC Fire & Security, a unit of United Technologies Corp., has acquired a majority of the shares of Simtronics ASA, a Norway-based provider of 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," said 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. Its 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. The company is well established in Europe, the Middle East and Asia.