Business Services Industry
Purchase of London-Based Security Firm Deal Offers United Technologies Options.
Knight Ridder/Tribune Business News, June, 2003
By Michael Remez, The Hartford Courant, Conn. Knight Ridder/Tribune Business News
Jun. 13--United Technologies Corp. sees the purchase of London-based Chubb PLC as the starting point in building a new business line in electronic security and fire protection services, the company's chief financial officer said Thursday.
Stephen Page, also UTC's vice chairman, told Wall Street analysts the company sees great opportunities to boost Chubb's global business -- especially in the United States, where Chubb's presence is small -- by tapping into the network already built by UTC's Otis Elevator and Carrier Corp. divisions.
Wednesday night, Hartford-based UTC said it had reached agreement with Chubb management to buy the British company for a...
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