Honeywell Completes Acquisition Of MatrikonJune 29, 2010
Combined Businesses enable robust solutions for operating industrial plants; acquisition brings strong brands and expertise.
LONDON, U.K. -- Honeywell (NYSE:HON) announced it has completed the acquisition of Matrikon for approximately $139 million USD (approximately $144 million CAD). Matrikon will be integrated with the Advanced Solutions business of Honeywell Process Solutions (HPS). Matrikon's open connectivity in process control business, MatrikonOPC, will operate as a separate business entity within HPS.
"The Matrikon brands are outstanding additions to our technology portfolio," said Norm Gilsdorf, president of HPS, a business within Honeywell's Automation and Control Solutions group. "Combining our experienced teams and products will enable us to create stronger, enterprise-wide solutions that improve business performance for respective customers. In addition, the deal provides significant opportunity to grow within our existing customer bases in both mature and emerging markets around the world."
Based in Edmonton, Canada, Matrikon specializes in technology to manage production, optimize operations and monitor assets at industrial plants including oil and gas, refining, energy, power and mining companies. HPS provides automation and control systems, field instrumentation, safety systems, simulation technology, wireless technology and integrated facility and process security systems for industrial process manufacturers. Matrikon and HPS' products are highly complementary, specifically in the areas of asset management, production management, operations optimization, plant cyber security and data collection and visualization. In addition, Honeywell supports MatrikonOPC's commitment to vendor neutral open connectivity in process control (OPC), leading new technology development and helping people adopt open standards based solutions.
"With the breadth and reach of Honeywell, we expect the Matrikon technology will continue to evolve more broadly to support our goal of creating technology that drives industrial performance," said Nizar J. Somji, president and CEO of Matrikon. "We expect the Matrikon technology to continue to not only facilitate collaboration but also drive performance by enabling customers to anticipate—to take advantage of opportunities, reduce risk and resolve issues before they become problems—and to take action. Honeywell adds stability, a broader technology and solution base, global reach and new applications. This will enable us to expand and enhance our offerings to better meet the growing and changing requirements of our customers."
Honeywell International is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. Based in Morris Township, NJ, Honeywell's shares are traded on the New York, London, and Chicago Stock Exchanges. Honeywell Process Solutions is part of Honeywell's Automation and Control Solutions group, a global leader in providing product and service solutions that improve efficiency and profitability, support regulatory compliance, and maintain safe, comfortable environments in homes, buildings and industry.
Most Read Articles