Security systems provider, Vanderbilt Industries, has entered into an agreement to acquire Siemens' Security Products business, part of the Siemens' Building Technologies Division. The business will be renamed Vanderbilt International. Security industry veteran Joseph J. Grillo will be Managing Director, working from the new operational headquarters in Germany.
Joseph Grillo stated that this transaction will considerably expand Vanderbilt's presence in the security industry by broadening the company's competitive position in a highly fragmented market with great growth potential.
"The acquisition of Siemens' Security Products, which fits our corporate strategy perfectly, matches Vanderbilt's solid foundation and strong legacy built from nearly three decades in the security industry," said Joseph Grillo.
"Vanderbilt saw an opportunity to expand its product offering and geographic market coverage. The addition of SP represents significant value potential with its established installed base of customers and loyal resellers. The market trend is for integrated security management systems and more open solutions from trusted suppliers. SP clearly provides a vehicle to offer these solutions to a broader customer base," Grillo added.
Siemens' SP consists of products in the access control, intrusion alarm, and video surveillance categories, which complement Vanderbilt Industries' fully integrated product offerings. The acquisition includes such well-known and established brands as Bewator and Cotag in the access control segment and Alarmcom and Europlex in the intrusion alarm space.
Financial details of the transaction were not released. The transaction is subject to customary closing conditions. The closing of the transaction is expected to occur by the end of the first quarter of 2015.