Linear-IEI deal goes final
I don't have a link to a release, as it was only emailed to me via Word file and I can't find anything official on the web, but Linear has now confirmed that the deal agreed to in May to acquire International Electronics, known as IEI, has been consummated. However, the release doesn't indicate whether the initial financial terms remained the same. Anyhoo, here's the relevant piece of the release, if you're interested: The Home Technology Group of Nortek, Inc., a group of home and commercial convenience and security electronics companies lead by Linear LLC, a wholly-owned subsidiary of Nortek, has made a move to significantly strengthen its presence in the access control industry with the purchase of International Electronics, Inc. IEI, headquartered in Canton (Boston area), MA. IEI has been in the security and controlled access systems business for over 30 years. The two companies have very much in common with their line offerings but very little actual product overlap. The IEI line ranges from its Door-Gard stand-alone and entry-level access control products to its flagship product, eMerge, a browser managed integrated security management system. Linear has traditionally been in access control for perimeter security, including telephone and gate entry. Linear Chairman Grant D. Rummell noted the opportunity for synergy arising from the complementary Linear and IEI product lines. Ã¢â‚¬Å“IEI is a market leader in access control stand alone keypads, locksets, and systems access control products and this will greatly broaden the over-all Linear offering,Ã¢â‚¬Â he said. Ã¢â‚¬Å“At the same time,Ã¢â‚¬Â Rummell pointed out, Ã¢â‚¬Å“IEIÃ¢â‚¬â„¢s experience and innovation in the areas of access control software adds substantially to our systems depth.Ã¢â‚¬Â IEI President and CEO John Waldstein stated: Ã¢â‚¬Å“We look forward to the added market presence the association with Linear affords us and the opportunity for growth it provides. Being part of a strong access control and security industry leader allows us to continue to broaden our access control offerings as well as continuing to assure our commitment to excellence in service and support.Ã¢â‚¬Â Plans call for IEI to continue at its Canton, MA, facility and to maintain and expand the IEI brands. Don't they know that all we care about is what they paid for IEI?