MORRIS TOWNSHIP, N.J. /PRNewswire-FirstCall/ -- Honeywell has declared its offer to acquire the entire issued share capital of First Technology plc wholly unconditional and thus has assumed control of First Technology.
First Technology operates globally in three main businesses: Gas Sensing (sensors and instrumentation), Automotive & Special Products, and Safety & Analysis. Honeywell will begin to integrate the Gas Sensing business into Honeywell's Automation and Control Solutions (ACS) business immediately. The transaction will enable ACS to expand its gas detection product and service offerings, extend its reach through First Technology's distribution network and strong customer relationships, and enhance its manufacturing, marketing and service expertise and efficiencies.
"First Technology is a great fit with Honeywell," said Dave Cote, Honeywell Chairman and Chief Executive Officer. "This acquisition strengthens Honeywell's presence in the fast-growing gas detection segment, which we entered last year when we acquired Zellweger Analytics. Our newly formed Honeywell Analytics business now includes a broader array of gas sensing and detection solutions for customers in this high-growth industry."
Honeywell continues to assess the strategic fit and synergies between ACS and First Technology's Automotive & Special Products. Honeywell is in advanced discussions regarding a sale of the First Technology Safety & Analysis business.
Honeywell International is a $28 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, Chicago and Pacific 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.