July 24, 2009 -- Almost a year ago in August 2008, NAPCO Security Technologies, a full-line company providing electronic security systems, door locks, and fire alarm products, acquired Marks USA. Now, just under a year later, NAPCO's CEO Richard Soloway says the integration of Marks USA into NAPCO is going well.
Marks is being integrated into NAPCO's headquarters in Amityville, N.Y., and already NAPCO has reduced its acquisition debt from $36 million down to $29 million, crediting "positive cash flow from operations" for the ability to reduce the debt. Soloway said the integration of Marks USA was "well within budget and on time".
Soloway said that once the integration of Marks USA, which makes door locking products, is completed next month, NAPCO should expect a cost savings of roughly $2 million per year.
Soloway indicated that the Marks products will be integrated into the NAPCO product offering, and he also suggested that NAPCO will be launching a number of new products in either the latter part of 2009 or in 2010, some of which are focused on generating recurring monthly revenue.