ITI Seals Merger Agreement With SLC, Changes Name to Interlogix Inc.
NORTH ST. PAUL, Minn., and TUALATIN, Ore.
Interactive Technologies Inc. (ITI) and SLC Technologies Inc. have completed the merger of the two companies following approval by ITI’s shareholders. According to the terms of the transaction, the name of the combined company has been changed to Interlogix Inc.
The common stock of Interlogix Inc. will continue to be traded on the NASDAQ National Market listed under the new name and ILXI trading symbol.
The transaction brings together combined 1999 revenues of approximately $550 million and more than 3,000 employees worldwide. The newly formed Interlogix marries ITI’s leadership in the North American market for wireless residential security systems and SLC’s significant global position in the commercial and corporate enterprise markets. Interlogix will design, develop, manufacture and distribute components, software and systems that will deliver security, safety, convenience and lifestyle enhancements to end users and businesses worldwide.
“Interlogix will be a technology leader with broad product offerings, integrated technological capabilities and the global presence necessary to lead the $10 billion industry that we currently serve,” says Ken Boyda, CEO and president of Interlogix and former CEO and president of SLC.
According to Tom Auth, chairman of Interlogix and former CEO and president of ITI, “The complimentary product lines and geographic distribution of the former ITI and SLC make for a highly strategic merger that puts Interlogix in a strong technological and market leadership role in each of the segments it serves.”
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