| The acquisition enhances Tyco's service capabilities in the mining industry in Chile |
Tyco announced recently the acquisition of Westfire, Inc., a leader in special-applications fire protection services with operations in the United States, Chile and Peru.
Westfire provides critical special-hazard suppression and detection applications in mining, telecommunications and other vertical markets. Their full range of fire protection services includes hazard analysis, as well as system design, installation, maintenance and testing combined with customised system documentation.
Westfire's US operations are concentrated in the Western United States and will be combined with Tyco's North American Fire Services business. Westfire's highly skilled and experienced workforce will enhance Tyco's service differentiation with added project design and execution capabilities. In Latin America, this acquisition enhances Tyco's service capabilities in the mining industry in Chile and provides an entry into the Peruvian market, both of which are important growth markets for Tyco. While already an established customer of Tyco's Fire Protection Products business, Westfire has the opportunity to further leverage this relationship to meet the requirements of Westfire's customers in mining and telecommunications.
"Westfire is a powerful addition to Tyco's capabilities. It expands our service footprint and recurring revenue base along with adding a highly-skilled and experienced team of engineers and technicians. In addition, we are adding vertical market expertise in special hazard detection and suppression applications,"said Brian McDonald, Tyco's Chief Operating Officer for Installations & Services.
"This acquisition confirms Tyco's commitment to its Growth Markets," said Juan Mogollon, Tyco's President for Growth Markets."Westfire's engineering capabilities and service footprint in Latin America combined with Tyco's comprehensive product portfolio focused on the specific needs of Growth Markets creates an exceptional combination of solutions to help our customers not just in Chile and Peru but throughout Latin America."
The transaction closed on November 8, 2013 and Westfire is expected to generate approximately $80 million in annualised revenues in fiscal year 2014.