New Britain-based The Stanley Works has agreed to purchase Xmark Corp., a wholly-owned subsidiary of Ottowa, Canada-based VeriChip Corp., for $45 million cash. Xmark develops, markets and sells RFID-based systems used to identify, locate and protect people and assets.
Xmark provides infant security systems under the Hugs and Halo brands, wander protection systems under the RoamAlert brand, and hospital asset tracking systems under the Assetrac brand.
Xmark will operate as a part The Stanley Works’ security segment. The acquisition is expected to be completed during the third quarter or early in the fourth quarter following an affirmative vote by a majority of VeriChip’s stockholders.
John F. Lundgren, chairman and CEO of The Stanley Works, said in a statement, “The combination of Xmark’s capabilities, including its products, associates and dealer channels, with those of our own personal security business enables us to provide our customers a wider array of value-added products and services, which should help our security business achieve higher growth and enhance its already strong profitability.”
