As announced on April 20, 1998, Tyco agreed to purchase Wells Fargo Alarm for $425 million in cash. Wells Fargo Alarm will be integrated with ADT within Tyco's Fire & Security Services segment.
"Wells Fargo Alarm and our recently announced acquisition of 63% of CIPE France add significant strength to our commercial customer base within ADT. Our existing infrastructure in electronic security creates many cost savings opportunities, while our leading worldwide presence in fire protection provides numerous cross-selling opportunities," said L. Dennis Kozlowski, Tyco's Chairman and Chief Executive Officer
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 80 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 effiencies and product expansion, are subject to known and unknown risks, uncertainties and contingencies, many of which are beyond the control of the Company, whcih 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, competive factors in the industries which the Company competes, changes in government regulation and the timing, impact and other uncertainties of future aquisitions.