Archive: January 2004
Viisage completes acquisition, wins federal contract
January 29, 2004SSN Staff
January 29, 2004
LITTLETON, Mass. - Viisage has finalized its purchase of ZN Vision Technologies AG and won a contract with the United States Department of State to provide facial-recognition technology to be used in the department’s Diversity Visa Program.
Terms of the contract were not announced.
The ZN Vision acquisition, announced late last year, was finalized on Jan. 23, when Viisage shareholders approved the issuance of more than five million new shares of Viisage common stock to...
VRI exits security business
January 29, 2004Derek Rice
January 29, 2004
SPRINGBORO, Ohio - Valued Relationships Inc., a provider of medical response monitoring, has sold its security division to Alarm Capital Alliance, a specialty security lender based in Woodlyn, Penn.
According to Darren Torrence of VRI, the company shed its just under 300 security accounts to focus on its medical monitoring business. He said VRI’s employees in the Springboro headquarters will not be affected by the sale, which had been in the works for several months.
Torrence...
Safety Act offers security firms legal protection
January 29, 2004Chelsie Woods
January 29, 2004
WASHINGTON - A little-known law called the Safety Act that can protect manufacturers and systems integrators of homeland security products from potential lawsuits is just now getting underway.
The Department of Homeland Security has begun accepting applications from manufacturers and systems integrators who want protection under what is considered landmark legislation. Approved as part of the Homeland Security Act in November of 2002, the Safety Act, or Support Anti-Terrorism...
Residential security market relies on innovation to maintain edge
January 29, 2004SSN Staff
January 29, 2004
PALO ALTO, Calif. - Despite an economic slump, the residential security market is experiencing a fair amount of growth buoyed by a healthy new construction market, increased security consciousness, and the declining cost for security.
New analysis from Frost & Sullivan on the U.S. Residential End-User Security Market shows that this market generated revenues worth $1.72 billion in 2002 and is expected to reach $3.21 billion by 2009.
The report talks about the competitive residential...
CSAA, AICC to push licensing reciprocity legislation
January 22, 2004Derek Rice
January 22 , 2004
VIENNA, Va. - The Central Station Alarm Association and the Alarm Industry Communications Committee are lobbying Congress to pass a bill that would eliminate monitoring companies’ need to earn licenses in multiple states.
If passed, the Alarm Monitoring Licensing Standards and Reciprocity Act of 2004 would allow monitoring companies and their employees to meet federally defined minimum standards for licensure in their home states and then have those licenses...
Stanley Works continues path into security
January 22, 2004SSN Staff
January 22 , 2004
NEW BRITAIN, Conn. - Continuing on its path to build a significant presence in the security market, toolmaker Stanley Works said on Tuesday that it would acquire Canadian integrator Frisco Bay Industries for $45.3 million, or $15.25 cash per share.
The acquisition of the St. Laurent, Quebec-based company is Stanley Works' third security-related acquisition, following the company's recent offer for British security systems manufacturer Blick and a 2002 acquisition of Best Access...
Chubb acquisition helps boost UTC earnings
January 22, 2004SSN Staff
January 22 , 2004
HARTFORD, Conn. - Aided by gains from its Chubb Plc business, United Technologies Corp. saw its fourth-quarter 2003 revenues rise 19 percent over the same period in 2002.
In addition to its fourth-quarter gains, UTC’s year-end revenues for 2003 were up 10 percent over 2002 year-end numbers.
UTC reported fourth-quarter revenues of $8.6 billion, compared to $7.2 billion in 2002. The company’s 2003 year-end revenues were $31 billion, compared to $28.1 billion in 2002.
According...
Tyco safety division sees more layoffs
January 22, 2004Andrea Gura
January 22 , 2004
WESTMINSTER, Mass. - Manufacturing and administrative personnel at a Tyco Fire & Security location here will be cut by about 75 jobs by Friday, reductions that stem from a corporate edict issued last fall to slash more than 5,000 jobs.
Announced late last week, the job cuts here will only affect less than about eight percent of the 986 employees working at the Tyco Safety Products plant here, a manufacturing arm of Tyco Fire & Security, according to Chris Woodcock, director,...
SimplexGrinnell names new chief
January 15, 2004SSN Staff
January 15 , 2004
BOCA RATON, Fla. - Fire protection firm SimplexGrinnell has appointed a new president to replace Michael Buchanan, whom company officials said is retiring this month.
Dean Seavers, who served most recently as vice president, West Region for ADT, will take over the reins of SimplexGrinnell at a time of cost-cutting at parent Tyco International. Tyco announced a massive restructuring of its Fire & Security division, of which SimplexGrinnell is a part, in early November. The retooling...
Profits up in security sector, according to report
January 15, 2004SSN Staff
January 15 , 2004
RYE BROOK, N.Y. - According to a report from SecurityStockWatch.com, quarterly security profits rose 18.5 percent in the third quarter of 2003.
The 2003-2004 SecurityStockWatch.com Profitability Survey analyzed revenues, earnings and profit margins for 100 security companies in six groups – bio-defense, environmental security, fraud prevention, military defense, network security and physical security.
Military defense contractors were the most profitable security...