Stanley in deal with RFID company
Stanley Works will purchase Xmark, the Canadian subsidiary of radio frequency identification (RFID) systems maker VeriChip, for $45 million in cash, according to the companies.
Xmark’s products include child security products as well as asset tracking systems for hospitals. Brands include “Halo” infant security systems, wander protection systems for children under the “Hugs” brand and hospital and asset tracking systems under the “RoamAlert” brand.
Xmark had revenues of $30 million last year.
“The combination of Xmark's capabilities, including its products, associates and dealer channels, with those of our own personal security business enables us to provide our customers a wider array of value-added products and services,” said John Lundgren, chairman and CEO of Stanley Works, “which should help our security business achieve higher growth and enhance its already strong profitability."