United Technologies acquires two Chennai-based firms
03 Dec 2011
Foraying into India through the inorganic route, the $54-billion US aerospace giant United Technologies Corp (UTC), has acquired two Chennai-based firms through its subsidiaries.
One of its Indian arms, Carrier, a brand in heating, air-conditioning and refrigeration segments, has signed a pact to acquire Sauter Race Technologies, a building automation and management systems company based in China.
UTC Climate Controls and Security System, another UTC arm in India, has completed an agreement to take a controlling stake in the nearly Rs150-crore Agnice Fire Protection Ltd. Agnice, which was set up in 1995, has an employee base of 480 and has executed around 250 turnkey projects.
"The acquisition will close in the next four to eight weeks," Carrier said in a statement, referring to the acquisition of Sauter Race Technologies.
"This acquisition will strengthen our position in the integrated building management segments and position us to provide even more comprehensive end-to-end building management systems here, including controls, fire and security solutions," it added.
United Technologies, that owns Carrier, said it considers India to be a strategic market.