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UTC Buys Refrigeration Manufacturer for Carrier

HARTFORD, CT — United Technologies Corp. has signed an agreement to purchase Aurora, IL-based Specialty Equipment Companies, Inc., for $30.50/share in cash. Upon completion of the purchase, Specialty Equipment Companies will be integrated into Carrier Corp.

“This outstanding combination will extend Carrier’s customer base and product line and will strengthen its already good relationships with pre-eminent global food service and beverage companies,” said Carrier Corp. president Jon Ayers.

Specialty, which had fiscal year 2000 sales of $502 million and earnings from operations of $72 million, designs, manufactures, and markets refrigeration equipment, soft serve ice cream and frozen dessert dispensers, and commercial cooking and holding equipment. Its products are sold to fast food restaurant and convenience store chains, specialty chains, soft drink bottlers, breweries, and institutional foodservice operators. Its brand names include Beverage-Air, Taylor, Wells, and Bloomfield.

UTC will commence a tender offer for all of the outstanding shares of common stock of Specialty Equipment Companies, Inc., no later than October 23, 2000. It will pay a purchase price of approximately $600 million in cash for all of the outstanding shares of Specialty Equipment Companies, and will assume approximately $100 million in debt. Specialty Equipment’s largest shareholder and certain of its related parties, holding approximately 40% of Specialty Equipment shares, have agreed to tender their shares and support the transaction.

Publication date: 10/23/2000

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