UTC Fire & Security, the parent company of such firms as Kidde, Chubb and Lenel, announced today that it has signed off on an agreement to acquired Marioff Corporation. Marioff, based in Finland, provides water-mist fire suppression systems that are used in both on-land and marine environments.
A statement announcing the forthcoming acquisition listed the purchase prices as 250 million Euros plus net cash of 16 million Euros (a total of approximately $360 million USD).
Marioff would add business operations in 11 countries with 18 locations to UTC Fire & Security, and is reportedly in a high-growth area.
According to William Brown, president of UTC Fire & Security, "water mist suppression applications are a fast growing segment in the global fire safety industry." The company dates back 1985, when Marioff was developed as a provider of marine-environment fire suppression. The company added land-based solutiosn in the 1990s. Marioff is perhaps best known for its HI-FOG suppression technology.