Distech Controls Inc. and Circon Systems Corporation jointly announced that they have executed a Letter of Intent outlining the terms under which Distech Controls proposes to acquire the assets of Circon's building automation system business, including its technology, brand, trademarks and trade names.
Circon, based in British Columbia, Canada, has been offering LONWORKS products for the building automation industry since 1992. Circon's management and shareholders have determined that Distech Controls offered the most effective transition strategy for their channel, providing the greatest opportunity for product and sales continuity. Distech Controls, a privately-held company, also based in Canada, is a leading provider of LONWORKS and multi-protocol building automation solutions, and its product line offers a simple and efficient migration path for Circon dealers and end-user customers.
The union of the two organizations technologies and distribution channels are expected to create a strong value proposition for system integrators and building owners looking to deploy state-of-the-art open control products and environmentally-conscious building management technologies.
The transaction is expected to complete on December 29th, 2008.
About Distech Controls
Distech Controls designs, manufactures and markets leading-edge building automation system solutions for HVAC, lighting and custom applications, promoting energy and cost efficient operation of buildings, while maintaining optimum comfort. Established in 1995, Distech Controls is headquartered in Quebec, Canada, with offices in Canada, the USA, South America, Europe, Asia and the Middle-East. Distech Controls is the recipient of the 2008 Deloitte Technology Fast 50 and Fast 500, the 2008 Deloitte Green Technology 15 and has obtained the 2007 Frost and Sullivan North American Building Automation Systems Growth Excellence of the Year Award. For more information: www.distech-controls.com
