Honeywell (NYSE:HON) today announced it has completed the acquisition of Enraf Holding B.V., a division of privately held Delft Instruments, based in Delft, Netherlands in a deal valued at approximately $260 million.
“This acquisition brings tremendous upside to both Enraf and Honeywell Process customers in the energy production supply chain,” said Jack Bolick, president of Honeywell Process Solutions. “The integration of Enraf products into the Honeywell portfolio enables us to provide more comprehensive solutions that will reduce installed, operating and engineering costs and improve our customers’ performance. In addition, the acquisition brings an opportunity to grow within our existing customer base and in new sectors such as bio-fuels, LNG terminals and petrochemicals.”
Enraf is a leading provider of mission-critical measurement and controls solutions for the exploration, production and transportation of energy products for land and marine applications. The Enraf line of products for measurement, inventory management, additive injection and custody transfer applications for liquids are complementary to Honeywell’s extensive portfolio of process control, process safety, plant reliability and advanced applications for oil and gas, refining and petrochemical companies.
Enraf will be part of Honeywell Process Solutions (HPS). The acquisition strengthens Honeywell’s position in the high-growth oil and gas value chain and brings proven automation and inventory management solutions for tank farms, bulk and distribution terminals and Liquid Natural Gas (LNG) industries to Honeywell’s portfolio. It also provides Honeywell entry in to the fast-growing marine transport industry.
Honeywell International is a $34 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 Stock 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. 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. For more information about Honeywell Process Solutions, access www.honeywell.com/ps.
This release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Forward-looking statements are based on management’s assumptions and assessments in light of past experience and trends, current conditions, expected future developments and other relevant factors. They are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by our forward-looking statements. Our forward-looking statements are also subject to risks and uncertainties, which can affect our performance in both the near- and long-term. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.
Contacts:
Media:
Julie Franklin, 952-656-1683
julie.franklin@honeywell.com
Jake
Saylor, 602-313-4054
jake.saylor@honeywell.com
or
Investors:
Murray
Grainger, 973-455-2222
murray.grainger@honeywell.com
