United Technologies Corp. News

UTC Fire & Security Marks Fifth Anniversary

FARMINGTON, Conn., July 28 PRNewswire-FirstCall — UTC Fire & Security, a fast growing global provider of fire and security products and services, celebrated its fifth anniversary this month. Since 2004, the company has doubled revenues, more than tripled profits and increased investment in research and development by nearly 50%. UTC Fire & Security is a unit of United Technologies Corp. (NYSE: UTX).

"Through an unyielding focus on execution, tight management of costs and the implementation of UTC's operating disciplines, we are on track to continue delivering strong financial performance to shareholders and the best quality products and services to our worldwide customer base," said William Brown, president, UTC Fire & Security.

UTC Fire & Security first entered the fire and security industry in 2003 with the acquisition of the U.K. based Chubb plc. It was the first time United Technologies entered a new segment since 1979 when it acquired Carrier.

In 2005, the company acquired Kidde, a global leader in fire safety, and Lenel, a premier electronic security software provider. Other recent acquisitions included Initial Electronic Security Group's operations in the U.S., U.K., France and the Netherlands in July of 2007, further strengthening the company's electronic security footprint. In the same year, the company acquired Marioff, the world-leader in high pressure water mist technology — an important environmentally friendly fire suppression solution.

"In five short years, we've grown to become the number two player worldwide in the fire safety and security industry," Brown added. "We expect to continue to improve our position in this attractive market, with a target of increasing revenues by 50% and doubling operating profit in the next five years."

Other growth plans for UTC Fire & Security include building its portfolio of strong brands through continued acquisitions, targeted expansion in emerging markets, and the introduction of innovative product and service offerings that provide total system solutions to its customers worldwide.

Headquartered in Connecticut, UTC Fire & Security is a business unit of United Technologies Corp., which provides high technology products and services to the building and aerospace industries worldwide. More information can be found at www.utcfireandsecurity.com.

This release includes "forward looking statements" concerning anticipated growth, financial performance, acquisitions, product developments and other matters that are subject to risks and uncertainties. Important factors that could cause actual results to differ materially from those anticipated or implied in forward looking statements include changes in the health of the global economy and the strength of end market demand in the fire and security industry; as well as company specific items including the ability to achieve cost reductions at planned levels; and challenges in the design, development, production and support of advanced technologies, and new products. For information identifying other important economic, political, regulatory, legal, technological, competitive and other uncertainties, see UTC's SEC filings as submitted from time to time, including but not limited to, the information included in UTC's 10-K and 10-Q Reports under the headings "Business," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Cautionary Note Concerning Factors that May Affect Future Results," as well as the information included in UTC's Current Reports on Form 8-K.

SOURCE UTC Fire & Security

Send this news item to a friend.

Print This Page