UTC Fire & Security, a business unit of United Technologies Corp. (UTX) revealed an agreement to acquire Finland-based Marioff Corp. Oy for euro 250 million plus net cash of euro 16 million.
The transaction is expected to close before the end of June, subject to regulatory approvals. Marioff is a provider of water mist fire suppression systems for land and marine applications. It has business operations in 18 locations in 11 countries. Marioff expects 2007 revenues of more than euro 100 million and operating margins in the mid-teens.
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