Honeywell buys Canadian firm for $139m
Abu Dhabi, July 12, 2010
Honeywell, a Fortune 100 diversified technology and manufacturing leader, said it has completed the acquisition of Cananda-based Matrikon for $139 million.
Based in Edmonton, 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.
With this deal, Matrikon will be integrated with the Advanced Solutions business of Honeywell Process Solutions (HPS), according to a company statement.
Matrikon’s open connectivity in process control business, MatrikonOPC, will operate as a separate business entity within HPS, said a top official.
“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,' he noted.
'In addition, the deal provides significant opportunity to grow within our existing customer bases in both mature and emerging markets around the world,' he added.
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.
“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,' he added.-TradeArabia News Service