333 Skokie Blvd., Northbrook 60065, 708-498-1260
Founded: 1925
Fiscal year-end: Dec. 31
Chief executive: King Harris, 48, elected 1989
1990 cash compensation: $400,000
Shares owned: 355,047 of 2.6 million common shares and 577,890 of 11.2 million Class A shares
Employees: 8,500; 2,000 in Illinois
Foreign sales: 25.9 percent of $944.1 million total
May 1, 1991 value of $1,000 in company stock:
Purchased May 1, 1990: $1,027
Purchased May 1, 1986: Not available
The most renowned aspects of Pittway Corp. are rarely associated with the firm. Former Chairman Irving B. Harris, who at 80 remains on the board, is best known for his Chicago-area philanthropic activities, especially in the field of education. The company also owns 13 percent of Metco Properties, which is half owner of Metropolitan Structures, one of the nation`s premier real estate development firms.
Pittway generates most of its revenue from three business segments: smoke alarms and other security products; trade journal publishing, including Industry Week; and pumps, valves and tops for the packaging of perfumes, cosmetics, pharmaceuticals and personal-care products.
Earnings were hammered in 1990 as publishing, packaging and real estate took a nosedive. Net income dropped 26 percent despite a revenue rise of 11 percent. Analysts suggest the Penton publishing subsidiary, which invested $20 million in money-losing magazines over the last three years, is poised for a turnaround.
