Conglomerate Is Said to Eye Security Firm
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HARTFORD, Conn. — United Technologies Corp., the maker of Carrier air conditioners and Otis elevators, is in talks to buy London-based Chubb, the world’s third-largest provider of security services, people familiar with the situation said Sunday.
The U.S. company’s buying power may deter rival bidders, analysts said.
United Technologies reiterated last week that it expects to spend $1.5 billion on acquisitions this year. Chubb has a market value of $1.07 billion.
The purchase would let United Technologies market Chubb’s electronic-security and fire-detection services to Carrier and Otis’s commercial customers, delivering more non-aerospace income as the commercial aerospace industry slumps. The company also makes Pratt & Whitney jet engines and Sikorsky helicopters.
Talks are in the initial stages and may fail to produce an agreement, one of the people familiar with the discussions said.
Chubb didn’t respond to a request for comment. United Technologies spokesman Peter Murphy declined to comment.
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