Access Control
& Security Systems

Honeywell's Automation and Control Solutions (ACS) division, Minneapolis, has agreed to purchase Lewisville, Texas-based Ultrak Inc.'s CCTV business for $36 million in cash plus the assumption of trade liabilities.

Honeywell will pay Ultrak $30.6 million at closing and the remaining amount in three installments over an 18-month period. The transaction is subject to Ultrak shareholder approval and is expected to close in approximately two to three months.

The sale includes assets and certain liabilities related to Ultrak's CCTV business in the United States, Germany, Italy, Poland, South Africa, Australia, Singapore and the United Kingdom. Approximately 300 of Ultrak's current 520 employees will join Honeywell. In addition, Honeywell has agreed to license the Ultrak name.

Ultrak will retain its access control business, consumer/do-it-yourself business, industrial video-product business, mobile video-product business and alarm-management business.

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