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.
"Through an unyielding focus on execution, tight management of costs and the implementation of UTCâ€™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 Groupâ€™s operations in the U.S., U.K., France and the Netherlands in July of 2007, further strengthening the companyâ€™s electronic security footprint. In the same year, the company acquired Marioff, the world-leader in high pressure water mist technology â€“ an important environmentally friendly fire suppression solution.
"In five short years, weâ€™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.