honeywell completes acquisition of enraf
ABU DHABI, August 2, 2007 – 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 biofuels, 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 complimentary 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.
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