CSAA Signals
Vol. 7, No. 14—July 5, 2001
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CSAA Signals |
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GE/Honeywell Merger Blocked by EU The European Union (EU) has rejected General Electric's and Honeywell's merger due to EU's fears that the merged companies would severely reduce competition in the European aircraft industry. EU had asked for General Electric to divest itself of its Capital Aviation Services, or GECAS, their aircraft-leasing unit and large purchaser of aircraft that the EU commission said unfairly placed pressure on manufacturers to buy GE products. Honeywell offered to drop the deal price by roughly $1.8 billion if Welch would agree to meet the EU conditions for approval, but GE CEO Jack Welch rejected the offer. Bonsignore Replaced Within hours of the collapse of the merger, Honeywell's Board of Directors replaced effective immediately Chairman and CEO Michael Bonsignore with former AlliedSignal chief Lawrence Bossidy. ChoicePoint Buys Pinkerton's Pre-Employment Business ChoicePoint® will acquire the pre-employment and drug testing businesses of Pinkerton Services Group, a unit of Securitas AB of Sweden by July 2001 pending regulatory approval. As a part of the agreement, Pinkerton has secured a five-year contract for ChoicePoint's pre-employment screening services, will offer ChoicePoint products and services to customers and will collaborate with ChoicePoint in the development of new assessment and screening services. In addition, it acquires two proprietary products -- Esteem(SM), a contributory database of retail employees who have admitted to workplace theft, and Stanton(R), an employee psychological testing product. CSAA established an strategic partnership with ChoicePoint® to offer pre-employment screening services to its members for a reduced price. Visit www.csaaul.org and click on the "Pre-employment Screening" red button on the right for more information. Security Associates/Monital/King Central Merger Ended The planned merger between Security Associates International Inc. and King Central/Monital has been canceled "During the past number of months, the companies continued to explore the possibility of a transaction apart from SecurityVillage, but have not been successful in arriving at terms which meet the needs of both parties," says Tom Few, President of King/Monital, and James Brannen, President of Security Associates, in a joint statement. AAA Alarms Acquires Knight Security AAA Alarm Systems has acquired the operating assets of Knight Security & Communications Inc., which specializes in the design, installation and maintenance of security systems for residential and commercial applications. |