OWINGS MILLS, Md. (AFX) - Universal Security Instruments Ind., a maker and distributor of smoke, fire and carbon monoxide alarms, said Tuesday it completed its purchase of a majority stake in two Canadian steel conduit makers for $1.8 million.
Universal said the deal, which also required an additional $841,000 to repay some debt, will allow the companies to sell in the United States, and add to its fiscal third-quarter results.
Universal said it bought International Conduits Ltd., a seller of steel conduit and electrical accessories, and Intube Inc., which makes steel conduit for International Conduits. The companies are based in Ontario, Canada.
Universal Security shares rose 31 cents to $21.74 in recent trading on the American Stock Exchange.
