announced today that Central Sprinkler Corporation's (NASDAQ-CNSP) shareholders have overwhelmingly approved Tyco's acquisition of Central Sprinkler. Under the terms of the merger agreement, Central Sprinkler shareholders will receive $30.00 in cash for each share of Central Sprinkler common stock. The acquisition was completed today.
Central Sprinkler, with annual revenues in excess of $200 million, is a leader in the fire sprinkler industry. Central Sprinkler designs,
manufactures, and distributes a complete line of fire sprinklers, valves and accessories, PVC pipe and fittings, steel pipe, and iron grooved products.
"Central Sprinkler is an excellent fit with our existing related businesses and operating efficiencies will result in an immediate positive
impact on earnings", said L. Dennis Kozlowski, Tyco's Chairman and Chief Executive Officer. "The product line and customer base are very complementary to Tyco's existing fire sprinkler businesses in the United States, Canada, and Europe. This acquisition provides significant opportunities for enhanced growth as well as marketing efficiencies" he added.
Tyco International Ltd., a diversified manufacturing and service company, is
the world's largest manufacturer, installer, and provider of fire protection systems and electronic security services, the largest manufacturer and servicer of electrical and electronic components and underwater
telecommunications systems, the largest manufacturer of flow control valves,
and has strong leadership positions in disposable medical products and plastics and adhesives. The Company operates in more than 80 countries
around the world and has expected fiscal 1999 revenues in excess of $22
billion.