Business Services Industry
United Technologies to Buy British Security Services Firm for $1 Billion.
Knight Ridder/Tribune Business News, June, 2003
By Michael Remez, The Hartford Courant, Conn. Knight Ridder/Tribune Business News
Jun. 12--United Technologies Corp. announced Wednesday evening it had reached agreement to buy Chubb PLC, the British security services firm, for $1 billion in cash.
UTC said it also would assume Chubb's debt, estimated at $934 million.
The deal, if approved by Chubb shareholders and regulators in Europe and the United States, would allow Hartford-based UTC to expand the products and services it now offers builders and building owners through its Otis Elevator and Carrier Corp. divisions. And it would further reduce the company's reliance on its commercial aerospace business.
George David, UTC's chairman and chief executive officer, said in a...
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