UTC Fire & Security, a unit of United Technologies Corp., announced an agreement to acquire Red Hawk Industries, an integrated security solutions provider with branch locations throughout the United States. The transaction is subject to antitrust review and approval.
Based in Denver, Red Hawk installs, integrates, repairs and maintains a range of security technology products and equipment, from electronic solutions, such as video surveillance, to physical equipment, such as safes, vaults and ATMs.
Red Hawk has about 800 employees. The company reported 2005 sales of $142 million. The purchase price is slightly less than one times sales, according to a company statement.
“This is an important strategic acquisition that will expand our security services footprint and complement the existing security business in North America,” said Bill Brown, UTC Fire & Security president. “Red Hawk is a strong player in the financial services segment. Its ability to deliver integrated security solutions, combined with its expertise in ATM placement and maintenance, will enable us to provide additional value to our current and future customers.”
UTC Fire & Security is a provider of fire safety and security solutions with more than one million customers in the United .States. and abroad. United Technologies Corp., based in Hartford, Conn., is a diversified company providing technology products and services to the building and aerospace industries.