REPORT: TYCO, SIEMENS EYE HONEYWELL’S SECURITY BIZ
NEW YORK
It has become widely known in recent months that Honeywell Intl. Inc. is looking to sell its United States security monitoring business, which employs 1,400 people at 62 locations nationwide and has annual sales of $270 million. What has not been known is who the buyer might be. According to Jack Mallon‘s Security Investing newsletter, Tyco Intl., Siemens and a consortium of domestic alarm companies are the frontrunners, while Brink’s Home Security, the Pittston Co., Chubb Security, SecurityLink from Ameritech and Protection One are considered out of the running.
Honeywell has said that selling its security monitoring would allow it to concentrate on commercial and industrial customers. “This decision is not based on the performance of the business. The U.S. monitoring business has been good for us. Instead, the move is consistent with Honeywell offering advanced solutions to global, commercial and industrial customers,” explained Kaye Veazey, vice president of communications for Honeywell’s Home and Building Control division. Analysts had noted that Honeywell’s acquisition of Pittway Inc. at the end of 1999 created a conflict of interests.
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