And now for some Midwest News: Cylink stake may be sold by Honeywell's Pittway unit
Wednesday, June 27, 2001
WASHINGTON, D.C. -- Pittway Corp. has decided to sell part or all of its 26.3 percent stake in Cylink Corp., according to a regulatory filing.
Pittway, a manufacturer of electronic alarm equipment owned by Honeywell International Inc., holds 8.6 million Cylink common shares. Pittway got its stake by
investing in Cylink when the company was formed.
"Pittway and Honeywell have determined that Pittway's investment in Cylink common stock is not strategic," the investors said in a Schedule 13D ownership disclosure
filing with the Securities and Exchange Commission. "Pittway and Honeywell currently intend to sell all or a portion of Pittway's holdings."
Cylink, based in Santa Clara, Calif., makes security systems for computer networks. The company sold 5 million shares at $15 each through an initial public offering in
February 1996.
Cylink shares rose 7 cents to 85 cents Tuesday. Company shares have lost about 95 percent of their value during the past 52 weeks.
-- Bloomberg News
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