Invensys sells Firex Safety Division for US$44 million

Invensys sells Firex Safety Division for US$44 million

Invensys plc announces that it has entered into an agreement to sell its Firex Safety Division to the UTC Fire & Security Division of United Technologies Corporation (UTC) for a cash consideration of $44 million, subject to customary closing conditions. Completion is expected to take place by the end of January 2008.

The Firex Safety Division manufactures and sells residential smoke and carbon monoxide alarms and generated operating profit of $4m on revenue of $80m in the year to 31 March 2007. The sale proceeds will be used to pay down debt.

The Firex Safety Division, together with the Reversing Valve business sold recently, will be treated as discontinued operations in the Q3 2007/08 results due to be announced on 7 February 2008.

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