The Stanley Works gave another signal that it was increasing its presence again in the electronic security business after announcing it will buy Canadian security systems integrator Frisco Bay Industries Ltd. for $45 million. The deal has already been approved by the board of Frisco Bay, based in Montreal.
Stanley, known more for its hardware business, has been a past player in electronic security. In 2002, it created a new division, Stanley Security Solutions, and built that division up with the acquisition of access control supplier Best Access Systems in November of that year. Stanley is also in the process of acquiring British security systems firm Blick plc.
“We are very excited about the recently announced transaction which will enhance the company’s position in attractive growing markets,” says James Loree, executive vice president and CFO at Stanley. “Now the time has come to focus on successfully integrating these companies into Stanley as we did with Best Access Systems in 2003.”
Frisco Bay provides security systems and equipment for financial institutions, government agencies and major industrial corporations. Their systems include the integration of CCTV, access control and monitoring, while the company also provided ATM services. A majority of its business is in Canada.
“This is great news for Frisco Bay shareholders, and it’s exciting for our customers and employees,” says Frisco Bay Chairman and CEO Barry Katsof. “Stanley, with its extensive resources and commitment to the security business, will enable us to take our business to the next level.”
Frisco Bay has also been involved as partners with U.S. security supplier Diebold in Intivid Solutions Inc., which makes the VIP digital surveillance system. It is unknown what the status of that partnership will be pending Frisco Bay’s acquisition by Stanley.
