Automotive Mobile Audio Video

LEWISVILLE, Texas & MINNEAPOLIS--Aug. 8, 2002--Ultrak Inc. (NASDAQ: ULTK) and Honeywell (NYSE: HON) Automation and Control Solutions (ACS) announced today that Honeywell ACS has agreed to purchase Ultrak's closed-circuit television (CCTV) business for $36 million in cash plus the assumption of trade liabilities.

Honeywell will pay Ultrak $30.6 million at closing and the remaining amount in three installments over an 18-month period. The transaction is subject to Ultrak shareholder approval and is expected to close in approximately two to three months.

The sale includes assets and certain liabilities related to Ultrak's CCTV business in the United States, Germany, Italy, Poland, South Africa, Australia, Singapore and the United Kingdom. Approximately 300 of Ultrak's current 520 employees will join Honeywell. In addition, Honeywell has agreed to license the Ultrak name.

"Expanding our capabilities in the CCTV market is the logical next step in the evolution of our integrated safety and security solutions for the residential, commercial, industrial and government markets," said Kevin Gilligan, President and CEO of Honeywell Automation and Control Solutions. "The acquisition of Ultrak's CCTV business will complement our industry-leading security offering of access controls and sensors, and provide us with stronger capabilities to grow in the expanding CCTV market."

"This transaction allows Ultrak to focus on our new strategy and will enormously strengthen the financial base of the company," said Niklaus F. Zenger, Chairman and CEO of Ultrak.

Ultrak will retain its access control business, consumer/do-it-yourself business, industrial video-product business, mobile video-product business and alarm-management business.

# posted by Medical Information : 4:33 AM