Honeywell (NYSE:HON) announced today it has signed a definitive agreement valued at approximately $260 million to acquire Enraf Holding B.V., a division of privately held Delft Instruments based in Delft, Netherlands. The transaction is subject to regulatory approvals.
Enraf Holding consists of six groups that offer comprehensive solutions for the control and management of transportation, storage and blending operations in the oil and gas industry. The highly specialized company is best known for its leading technology, quality products and excellent customer service.
Following regulatory approvals, Enraf will be part of Honeywell Process Solutions (HPS), expanding Honeywell’s global portfolio in high-growth, high-service industries, including oil and gas (O&G). In 2006, Enraf had sales of approximately $130 million.
“Enraf has a proven track record of growth both organically and through strategic acquisitions,” said Jack Bolick, HPS President. “We are confident the synergies resulting from this transaction will deliver similar results in HPS.”
The six groups within Enraf are: Enraf Terminal Automation (precision measurement systems and software for tank storage companies), Enraf Calibron Systems (small volume provers and liquid density meters), Enraf Contrec Ltd. (fuel Management Systems used by the petrochemical industry at bulk tank storage sites), Enraf Fluid Technology (custom-engineered explosion-proof precision blending and additive metering equipment), Enraf Marine Systems (level measurement systems for marine applications) and Enraf Tanksystem SA (mobile precision level measurement systems used on board ships).
“Enraf will enable us to deliver a more comprehensive automation solution in energy production, processing, transport, storage and product distribution,” continued Bolick. “The combined solutions and service of our two organizations will help to drive greater efficiency, safety and reliability to high-valued operations within our customers’ value chain.”
Honeywell International is a $33 billion 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, N.J., Honeywell’s shares are traded on the New York, London and Chicago Exchanges. It is one of the 30 stocks that make up the Dow Jones Industrial Average and is also a component of the Standard & Poor’s 500 Index. For additional information, please visit www.honeywell.com.
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