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Wednesday, December 10, 2014

Tyco to purchase Industrial Safety Technologies for $329.5 mln, (NYSE: TYC)

Safety and security product maker Tyco International Ltd said it would purchase Industrial Safety Technologies (IST), which makes gas and flame detection gear, from Battery Ventures for $329.5 million. Tyco shares were down 2 percent at $42.47 on the New York Stock Exchange in afternoon trading.The company said it would combine IST with its Scott Safety business, which makes respiratory protection gear and gas and flame detectors.Tyco expects IST, comprising five companies, to add $140 million to its annual revenue.The acquisition is expected to close in Tyco's second quarter ending March 28.

Shares of TYC fell by 2.21% or $-0.96/share to $42.40. In the past year, the shares have traded as low as $37.10 and as high as $46.64. On average, 3592830 shares of TYC exchange hands on a given day and today's volume is recorded at 2890689.