Business & Finance
Business and Finance
Business and Finance
Mon, January 17, 2011
Fri, January 14, 2011 UTC Fire & Security Announces Agreement to Sell UK Guarding Business
UTC Fire & Security Announces Agreement to Sell UK Guarding Business -- FARMINGTON, Conn., Jan. 14, 2011 /PRNewswire/ --
UTC Fire & Security Announces Agreement to Sell UK Guarding Business
FARMINGTON, Conn., Jan. 14, 2011 /PRNewswire/ -- UTC Fire & Security has announced that it has reached an agreement to sell its U.K. manned guarding business, Chubb Security Personnel Limited, to an affiliate of Securitas AB, a Sweden-based security provider. UTC Fire & Security is a unit of United Technologies Corp. (NYSE: UTX).
(Logo: [ http://photos.prnewswire.com/prnh/20090819/NE63296LOGO ] )
With total sales of more than GBP100M and operating through 19 locations in the U.K., Chubb Security Personnel has more than 5,000 employees and offers a range of permanent and temporary manned guarding services to both public and private sector customers.
President of UTC Fire & Security William Brown said the sale was in line with the company's strategy to focus on high technology content operations. "UTC Fire & Security is constantly reviewing its operations, organizational structure and products and services in order to support our growth strategy and meet the needs of our customers. Chubb Security Personnel is a well-run business with a strong management team and an excellent track record that will be a good fit with Securitas."
The divestiture is subject to customary closing conditions and is expected to be completed in the first quarter of 2011.
About UTC Fire & Security
UTC Fire & Security provides fire safety and security solutions to more than 1 million customers worldwide on an annual basis. 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 on [ www.utcfireandsecurity.com ].
SOURCE UTC Fire & Security
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