CIPE, headquartered in Lyon, France, has revenues of approximately $230 million and is a full provider of electronic security services and equipment throughout Europe, including operations in Belgium, the Netherlands, Spain, Germany and Switzerland. The company will be intregrated with Tyco's ADT operations.
"The combination of CIPE and our existing ADT operations provides a leadership position in the electronic security market in Europe. We also believe that will result in may cross-selling opportunities in the European fire protection market," said L. Dennis Kozlowski, Tyco's Chairman and Chief Executive Officer.
"In addition to this transaction being immediately accretive to earnings, it reinforces our strategy to capitalize on international opportunities to expand our worldwide Fire and Securities presence," 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 a strong leadership postions in disposable medical products, packaging materials, flow control products, electrical and electronic components and underwater telecommunications systmes. The company operates in more than 80 countries around the world and has espected annual revenues in excess of $13 billion.
For 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 consumation and benefits of future aquisitions, 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 aquisitions.