SYOSSET, N.Y., and SURREY, British Columbia, Canada – Honeywell has reached a deal to buy CCTV manufacturer Silent Witness Enterprises Ltd.
The all-cash purchase, valued at $84 million in Canadian dollars (approximately $64 million in U.S. currency) will include the selling of all outstanding shares of Silent Witness to Honeywell at $11.27 per share (Canadian). As of press time, the deal was pending shareholder approval.
Rob Bakshi, chairman, president and CEO of Silent Witness, said the deal will give his company “extensive resources” to further improve its video surveillance technology. “This is great news for Silent Witness’ shareholders, and it’s exciting for our customers and employees,” Bakshi said in a joint statement released by the companies.
Ben Cornett, president of the Honeywell Security Group, sees Silent Witness as a good fit with his company. “It complements our existing closed circuit television product offerings, while dramatically broadening our capabilities in the rapidly growing video surveillance segment,” Cornett says.
Silent Witness, founded in 1986 and based in British Columbia, has annual worldwide sales of approximately $56 million and employs about 165 people.
