Safety and security product maker Tyco International said it would buy Industrial Safety Technologies (IST), which makes gas and flame detection gear, from Battery Ventures for $329.5 million.

Tyco shares were down two per cent at $42.47 on the New York Stock Exchange in afternoon trading.

The company said it would combine IST with its Scott Safety business, which makes respiratory protection gear and gas and flame detectors.

Tyco expects IST, comprising five companies, to add $140 million to its annual revenue.

The acquisition is expected to close in Tyco's second quarter ending March 28.-Reuters