In conjunction with this asset purchase, IR and ITO Kilit have entered into distribution and supply agreements. IR will supply ITO branded products exclusively to ITO in the Turkish, Middle Eastern and export markets ITO currently serves. In addition, ITO will become a nonexclusive distributor for IR products in their current markets.
The acquired manufacturing facility, which was completed in January 2001, and its approximately 600 employees will become part of IR’s Security & Safety Sector.
The acquisition of ITO Kilit’s manufacturing facility and the formation of distribution and supply agreements with ITO Kilit fit our strategy to expand IR’s participation in global growth markets through product line extension and geographic expansion, said Randy Smith, president of IR’s Security & Safety Sector. Specifically, IR will benefit from the establishment of a cost-competitive European manufacturing base in Turkey and, through ITO Kilit, access to the Turkish market.
