United Technologies Corp. on July 1 won clearance from U.S. antitrust officials to acquire British-based security group Chubb Plc for $1 billion.
After a preliminary review, antitrust authorities decided not to oppose the sale of Chubb to UTC, which makes Otis elevators and Black Hawk helicopters, according to a notice released by the U.S. Federal Trade Commission.
Chubb’s businesses include electronic hotel locks, security guards and burglar alarms. It has only a small presence in the United States, where the Chubb name is mostly associated with an unrelated insurance company, Chubb Corp. The company employs approximately 48,000 people and reported 2002 revenue of $2.5 billion, with more than 1 million customers worldwide and market-leading positions in the United Kingdom, France, Hong Kong, Canada, and Australia.
