UTC Fire & Security
has signed an agreement to acquire Finland-basedMarioff Corporation
, a global provider of water mist fire suppression systems for land and marine applications. The purchase price is €250m plus net cash of €16m.
‘Water mist suppression applications are a fast growing segment in the global fire safety industry,’ said William Brown, President, UTC Fire & Security. ‘This growth is being driven by changing regulations, environmental considerations and the efficacy of water mist applications.’
‘Marioff has the leading technical solution in this segment with more than 900 patents issued worldwide. With our technology expertise and worldwide network, we are well positioned to expand sales,’ added Brown.
Founded in 1985, Marioff established its reputation as a supplier of water mist suppression systems for the marine industry. In the early 1990s, the company expanded to land based applications that now include fire protection systems in the industrial, commercial, public, transportation and infrastructure development sectors.
Marioff has business operations in 18 locations in 11 countries and expects 2007 revenues of more than €100m. The transaction is expected to close before the end of June, subject to regulatory approvals.