Wells Fargo Alarm, headquartered in King of Prussia, PA, has revenues of approximately $250 million and is a full provider of electronic security services, including intrusion, fire detection and monitoring, as well as CCTV and access control. Wells Fargo Alarm provides services to commercial customers in the financial, industrial and government markets as well as residential customers throughout the US and Canada. The company will be integrated with Tyco's ADT Security Services business.
"The combination of Wells Fargo Alarm with ADT enhances our leadership position in electronic security, and particularly strengthens our commercial customer base where we have many cross-selling opportunities with our fire protection business," said L. Dennis Kozlowski, Tyco's Chairman and Chief Executive Officer.
"The transaction will be immediately accretive to earnings. In addition, we entered into a strategic partnering agreement with Borg-Warner Security, the world's leading physical security service provider, which will provide our respective customers with a complete package of both electronic and physical security services," he said.
Tyco International Ltd., a diversified manufacturing and service company, is the world's largest manufacturer and installer of fire protection systems, the largest provider of electronic security services, and has strong leadership positions in disposable medical products, packaging materials, flow control products, electrical and electronic components and underwater telecommunications systems. The company operates in more than 75 countries around the world and will have annual revenues in excess of $13 billion.
Forward Looking Information
Certain statements in this release are "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All forward looking statements involve risks and uncertainties. In particular, any statements contained herein regarding the consummation and benefits of future acquisitions, as well as expectations with respect to future sales, operating efficiencies and product expansion, are subject to known and unknown risks, uncertainties and contingencies, many of which are beyond the control of the Company, which may cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements. Factors that might affect such forward looking statements include, among other things, overall economic and business conditions, the demand for the Company's goods and services, competitive factors in the industries in which the Company competes, changes in government regulation and the timing, impact and other uncertainties of future acquisitions.