Acquisition of FirstService Security Business Strengthens ADT North
America's Systems Integration Platform
PEMBROKE, Bermuda, April 14 /PRNewswire-FirstCall/ -- Tyco
International Ltd. (NYSE: TYC, BSX: TYC) announced today that its ADT
Security business has reached an agreement to acquire FirstService
Security, a division of FirstService Corporation (Nasdaq: FSRV; TSX: FSV
and FSV.PR.U) for approximately $187 million. FirstService Security
operates under the Security Services & Technologies (SST) brand name in the
United States and under the Intercon Security brand name in Canada.
FirstService Security is a leading commercial security systems
integrator and provides a full range of integrated security systems
services, including design, engineering, installation, servicing and
monitoring of access control, closed-circuit television and intrusion
systems. The business had revenues of more than $200 million during the
last 12 months and employs approximately 2,400 people with 17 offices in
the U.S. and Canada.
"This is an important strategic acquisition that expands and
complements the advanced systems integration expertise ADT offers our
commercial customers," said John Koch, president of ADT North America.
"Commercial sales represent the largest component of our business and
FirstService Security strengthens our presence and provides growth
opportunities in key vertical markets such as banking and energy."
The transaction is expected to close as soon as practicable following
receipt of required regulatory approvals and satisfaction of other
customary closing conditions.
ABOUT TYCO INTERNATIONAL
Tyco International (NYSE: TYC) is a diversified, global company that
provides vital products and services to customers in more than 60
countries. Tyco is a leading provider of security products and services,
fire protection and detection products and services, valves and controls,
and other industrial products. Tyco had 2007 revenues of more than $18
billion and has 118,000 employees worldwide. More information on Tyco can
be found at http://www.tyco.com.
ABOUT ADT WORLDWIDE
ADT, a unit of Tyco International, is the largest provider of
electronic security services to more than seven million residential,
commercial, government customers. ADT's total security solutions include:
intrusion, video, electronic article surveillance, integrated systems,
critical condition monitoring and radio frequency identification (RFID).
For additional information about ADT, visit the company's Web site at
http://www.adt.com.
FORWARD-LOOKING INFORMATION
This release may contain certain "forward-looking statements" within
the meaning of the United States Private Securities Litigation Reform Act
of 1995. These statements are based on management's current expectations
and are subject to risks, uncertainty and changes in circumstances, which
may cause actual results, performance or achievements to differ materially
from anticipated results, performance or achievements. All statements
contained herein that are not clearly historical in nature are
forward-looking and the words "anticipate," "believe," "expect,"
"estimate," "plan," and similar expressions are generally intended to
identify forward-looking statements. Economic, business, competitive and/or
regulatory factors affecting Tyco's businesses are examples of factors,
among others, that could cause actual results to differ materially from
those described in the forward-looking statements. Tyco is under no
obligation to (and expressly disclaims any such obligation to) update or
alter its forward-looking statements whether as a result of new
information, future events or otherwise. More detailed information about
these and other factors is set forth in Tyco's Annual Report on Form 10-K
for the fiscal year ended September 28, 2007 and quarterly report on Form
10-Q for the period ended December 28, 2007.
SOURCE Tyco International Ltd.
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Related links:
http://www.tyco.com
http://www.adt.com
CONTACT:
Media, Paul Fitzhenry, +1-609-720-4261,
pfitzhenry@tyco.com; Investors, Ed Arditte, +1-609-720-4621, or,
Karen Chin, +1-609-720-4398
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