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Acquisition finalized for fire safety gear maker
Honeywell takes the reins of Dayton's Morning Pride, but company's expansion will go forward.
Saturday, May 17, 2008
DAYTON — Honeywell executed an agreement on Friday, May 16, to acquire Norcross Safety Products, a deal that includes the Dayton-based Total Fire Group and Morning Pride Manufacturing LLC, a maker of firefighter and first-responder gear.
Mary Grilliot, chief operating officer of Total Fire Group/Morning Pride, said the deal will not alter the company's planned expansion, which will soon add 50 to 60 employees to the local work force of 400 employees. The company has 521 employees total.
Extras
The expansion — which involves investing $870,000 into a facility at 1 Innovation Court for a 6,000-square-foot office and a 1,500-square-foot lab — will go forward, Grilliot said.
"The transaction is complete," said Grilliot, who runs the company with her husband, Bob Grilliot, Morning Pride president.
She would not disclose terms beyond saying, "It's a $1.2 billion investment by Honeywell for the entire organization."
She and her husband will remain at the helm after the acquisition, she said.
In early April, Honeywell announced a definitive agreement to acquire Norcross, a group of investors of which the Grilliots were a part. Norcross held the shares of Morning Pride and several other companies.
The acquisition allows Honeywell to tap into Total Fire/Morning Pride's 160 patents, first-responder technology and wide distribution network, while Total Fire/Morning Pride can take advantage of Honeywell's own technological resources, in electrical devices, gas-detection and more, the COO said.
"Imagine a (firefighter's) turnout coat with a built-in gas detection system that alerts you," Mary Grilliot said.
Morning Pride has seen steady growth since its facility was built in 1993. The company saw a $1 million expansion in 2000 and in February completed a 25,000-square-foot building addition at a cost of $1.4 million.
Norcross will be integrated into Honeywell Life Safety, part of Honeywell's Automation and Control Solutions Group, Honeywell said last month.
Norcross reported about $607 million in revenue in 2007.
History
Morning Pride was founded as a dry goods store in 1921 by Lawrence and Estelle Grilliot.
In 1924, a local fire equipment distributor contracted with the store to make firefighter coats. The demand for dresses and firefighter coats prompted Morning Pride to build its first factory in 1929.
