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Tyco International To Acquire Simplex Time Recorder

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Tyco International


said Monday it has agreed to acquire privately-held

Simplex Time Recorder

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for $1.15 billion in cash, expanding its fire and security business.

The diversified manufacturer said its acquisition of Westminster, Mass. -based Simplex will boost the company's earnings per share and generate positive cash flows. Simplex, which manufactures and installs fire and security products and communications systems, is expected to report fiscal year 2000 revenues of about $870 million.

The transaction, contingent upon customary regulatory review, is expected to close during January 2001.

Shares of Tyco were recently trading up 0.2%, or 13 cents, to $54.44 on the Big Board.