Israeli electronic security systems firm Visonic Ltd is in talks to be acquired by diversified global manufacturing company Tyco International.
Tel Aviv-based Visonic said in a statement today that is in negotiations with Tyco for selling itself under a 60-day exclusivity agreement and added that, "The terms of the deal and the price have not yet been agreed and there is no certainty the talks will lead to an agreement"
Founder and chairman Yaacov Kotlicki, who holds 70-per cent of the company, has agreed to sell his entire stake.
Founded in 1973 and listed on the Tel Aviv Stock Exchange in 2006, Visonic designs, develops, manufactures, and markets security systems and components for institutional, commercial, and residential customers for both personal and property protection.
The company makes electronic security systems, home healthcare, and home management systems, as well as real-time location and access control systems. It also makes PowerG-based and PowerCode-based wireless property protection products, which include indoor motion sensors, indoor and outdoor motion detectors, safety sensors, keyfobs, and sirens; wireless emergency response systems, wired detectors and CCTV motion control systems.
Visonic has its sales and marketing subsidiaries in the USA, Germany, UK, Poland, Spain and Hong Kong and its products are sold in nearly 70 countries throughout North and South America, Europe, Africa and the Asia-Pacific region.