United Technologies Corp.’s Fire & Security unit has acquired more than 95 percent of the shares in GST Holdings Ltd., the leading fire alarm system provider in China.
GST primarily manufacturers and distributes fire alarm and fire network systems and other products such as video entry, electronic power meter and building automation systems.
The company has 3,600 employees and 190 branches in China with manufacturing operations in Qinhuangdao, Shenzhen and Beijing. Revenues in 2008 were about $165 million.
“We are excited about the opportunities that GST brings us in China. GST has an extensive distribution network, strong brand recognition, an experienced management team and a large customer base that has been receptive to new technologies,” said Fire & Security President William Brown. “Investment in China is an important part of our expansion strategy and we look forward to working with the GST management team to accelerate growth in the region,” he said.
UTC Fire & Security first invested in GST in 2006, acquiring 9.9 percent of the company and increased its investment over the next few years to 29 percent. It now plans to consolidate GST with its existing operations and delist GST from the Hong Kong Stock Exchange.
