Honeywell Signs Definitive Agreement to Acquire Metrologic Instruments, Innovator of Scanner Technology
Extends Presence in High-Growth Data Capture and Collection Industry Builds on Acquisition of Hand Held Products
MORRIS TOWNSHIP, N.J., April 28 - Honeywell (NYSE:HON) today announced a definitive agreement to acquire Metrologic Instruments, Inc., a leading manufacturer of data capture and collection hardware and software, for approximately $720 million. The agreement is subject to customary closing conditions, including regulatory review.
Based in Blackwood, New Jersey, Metrologic is a global provider of laser and imaging bar code scanners, including high performance linear and omnidirectional laser scanners, fixed position and in-counter scanners, area imagers and rugged mobile computers. Metrologic sells its products in more than 110 countries and is majority-owned by Francisco Partners, a global private equity firm.
Metrologic will be integrated with Honeywell Security, part of Honeywell's Automation and Control Solutions (ACS) business. Metrologic's revenue was approximately $246 million in 2007.
"The acquisition of Metrologic adds to the momentum we have generated throughout our ACS business, by focusing on high-growth industries, and is consistent with our disciplined approach to acquisitions," said Roger Fradin, President and CEO of Honeywell ACS. "By building on our recent acquisition of Hand Held Products, a leading manufacturer of Automatic Identification and Data Collection (AIDC) solutions, we will be well-positioned in a $16 billion industry with double-digit growth potential driven by the increased demand for information along the global supply chain."
As a leading manufacturer of advanced bar code scanners and high-speed image processing software, Metrologic incorporates a broad array of laser, holographic, vision-based, RFID and emerging technologies to create its best-in-class products and solutions. Its sophisticated imaging and scanning solutions serve a variety of retail point-of-sale, industrial, healthcare, inventory and distribution applications. Approximately 65 percent of Metrologic's business is with customers outside North America, which will extend the business' global presence.
"Metrologic is very complementary to our Imaging and Mobility business. It will strengthen and expand our presence in key verticals, particularly retail, and provide Honeywell with strong laser and fixed position scanning competencies," said Ben Cornett, President, Honeywell Security. "Through its more than 500 issued and 350 plus pending patents, Metrologic will allow us to extend our position in the data capture and collection industry. We will be able to provide our customers with even more comprehensive, robust data capture and collection solutions to help them achieve their business goals."
"This is a great opportunity for Metrologic and its employees and customers," said Darius Adamczyk, Chief Executive Officer, Metrologic Instruments, Inc. "As part of Honeywell, Metrologic will be able to capitalize on the resources of Honeywell. We are excited about the prospect of gaining access to additional technologies and broader global distribution channels to help us exceed the expectations of our growing and diverse base of customers."
Honeywell International is a $37 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. For additional information, please visit www.honeywell.com.
FCMN Contact: lkline@webershandwick.com
Source: Honeywell
CONTACT: Media, Julie Franklin, +1-763-954-6067, julie.franklin@honeywell.com, or Investor Relations, Murray Grainger, +1-973-455-2222, murray.grainger@honeywell.com, both of Honeywell
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