UTC Fire & Security has bought a majority stake in a Norwegian fire-prevention, detection and suppression outfit as a prelude to a full merger, authorities say.
Financial terms for the purchase of 85 percent of outstanding shares of Simtronics ASA weren’t disclosed Friday.
The rest of the shares will be acquired in the second quarter through UTC’s Autronica Fire and Security AS subsidiary.
Founded in 1948, Simtronics will subsequently be delisted from the Oslo Stock Exchange.
