Tyco International to acquire Signature Security
Announcement posted by ADT Security 24 Feb 2011
Schaffhausen, Switzerland and Sydney, Australia February 24, 2011: Tyco International Ltd. (NYSE: TYC) and Oceania Capital Partners Limited (ASX: OCP) today announced an agreement for Tyco to acquire OCP’s Signature Security Group for AU $171 million. The transaction is expected to close during the third quarter of Tyco’s fiscal year, which quarter begins on April 1, 2011. The transaction is subject to customary closing conditions. Tyco intends to combine Signature Security’s Australian and New Zealand operations with its ADT Security business under the ADT Security name.
Signature Security is a leading provider of electronic security services in Australia and New Zealand, providing security installation and monitoring services to more than 90,000 premises, with annualized revenue of approximately AU $80 million. ADT Security, part of Tyco’s security solutions business, is the world's largest electronic security provider with approximately 9 million customers around the world and annual revenue of more than US $7.7 billion.
“This acquisition provides us with the opportunity to strengthen ADT’s business in the Australian and New Zealand security markets while advancing our strategy for growth in the global security industry,” said Ed Breen, Tyco Chairman and Chief Executive Officer. “Signature Security is an excellent strategic fit with our ADT business, providing us with increased scale and attractive operating synergies that will make this transaction quickly accretive.”
According to Mark Norton, Managing Director, ADT Security, Australia, the Signature Security acquisition is ADT Security’s most significant transaction in Australia in many years, supporting a vision for long-term growth in what is a fragmented and highly competitive industry.
“I am excited about this acquisition. By combining Signature with ADT, we have an opportunity to broaden our sales, installation and service capabilities. ADT and Signature have highly complementary product and service offerings, strong sales organisations and a shared dedication to quality customer service,” said Norton. “We expect this combination to result in an even more successful ADT, which is great news for our customers.
“Following transaction closure, our immediate focus will be on working towards a smooth collaborative integration which acknowledges the common values we share and each company’s unique strengths.”
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ABOUT TYCO INTERNATIONAL
Tyco International Ltd. (NYSE: TYC) is a diversified, global company that provides vital products and services to customers around the world. 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 2010 revenue of more than US $17 billion and has more than 100,000 employees worldwide. More information on Tyco can be found at www.tyco.com.
ABOUT ADT SECURITY
With more than a century’s worth of experience, ADT Security is the world’s largest electronic security company, providing electronic security solutions to more than seven million residential, commercial and retail customers worldwide. ADT Security’s products include alarm systems and integrated security applications that link access control, CCTV, electronic article surveillance and source tagging systems. www.adtsecurity.com.au
ABOUT SIGNATURE SECURITY
Signature Security Group, headquartered in Sydney, Australia, is one of the leading providers of security system installation and monitoring services for residential and commercial properties in Australia and New Zealand, servicing over 90,000 customers. For more information, please visit www.signaturesecurity.com.au
MEDIA ENQUIRIES:
Angela Calabrese, Write Away Communication + Events
Ph: 02 9978 1407; 0423 706 653Email: angela@writeaway.com.au
Tamora Wells, ADT Security Australia
Ph: 02 9947 7239; 0409 916 909 Email: tamwells@tycoint.com
Media seeking further comment are advised that Mark Norton, Managing Director, ADT Security Australia will be available for interviews. To schedule an interview please contact Write Away Communications on 02 9978 1407.