Honeywell has signed an agreement valued at approximately $142 million USD (approximately $145 million CAD) to acquire Matrikon. The acquisition will strengthen Honeywell's position in the high-growth oil and gas and power value chains and increase its global footprint in key regions. The transaction is subject to approval by Matrikon's shareowners.
Matrikon will be integrated into Honeywell Process Solutions, which is part of Honeywell's Automation and Control Solutions business group.
"Our industrial customers want their plants to run well in any economy, and Matrikon’s products help do that," said Norm Gilsdorf, president of Honeywell Process Solutions. "Combining Matrikon’s technology and expertise with Honeywell’s industrial platform expands our offering to help customers continue to improve plant performance. This is a great addition to our business.”
Matrikon will bring to Honeywell complementary applications that monitor oil and gas well performance and mining equipment, as well as supply chain solutions for mining. Matrikon’s cyber-security and alarm management solutions also align with Honeywell's solutions for process safety and security.
Nizar J. Somji, president and chief executive officer of Matrikon stated, "This combination is a tremendous opportunity for all Matrikon stakeholders, our shareowners, clients and employees. We believe that the path we embarked on with our next generation technology and our product and solution strategy blends well with Honeywell's technology vision. This will enable our talented workforce to continue to realize global opportunities for large scale solution deployments and will provide the foundation to support our vision of long-term technology partnerships with customers."
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