Tyco Makes an Acquisition
Tyco has boosted its portfolio of fire-protection services through an acquisition. The company announced it has acquired Westfire, a privately held specialist in the segment. The price of the deal was not disclosed.
The company's new asset concentrates on hazard analysis and system design, maintenance and testing, installation, and system documentation. In the press release announcing the news, Tyco quoted its COO for Installations and Services, Brian McDonald, as saying that owning Westfire "expands our service footprint and recurring revenue base," and provides "vertical market expertise in special hazard detection and suppression applications."
Westfire will be folded into Tyco's North American fire services operations. It is expected to contribute around $80 million in annual revenues.
Separately, Tyco released its Q4 results. For the period, it brought in net revenue of $2.76 billion, and posted an attributable bottom-line profit of $166 million ($0.35 per share). Analysts had expected $2.70 billion and EPS of $0.52. By comparison, in Q4 2012, the company posted $2.73 billion in revenue, and had an attributable net loss of $419 million ($0.91).