HVAC Breaking News

Dec. 20, 2004: Honeywell To Acquire Novar

December 20, 2004
/ Print / Reprints /
/ Text Size+
MORRIS TOWNSHIP, N.J. - Honeywell announced that it has reached an agreement to acquire British company Novar plc for 1.2 billion pounds (US $2.4 billion).

Honeywell expects to fund the acquisition with existing cash resources and credit facilities. The acquisition is expected to have an accretive impact on Honeywell's 2005 earnings per share.

Novar's core divisions include Intelligent Building Systems (IBS), Indalex Aluminum Solutions, and Security Printing Services. Novar's IBS unit is expected to enhance Honeywell's offering of security, fire, and building controls products and services, particularly in the United Kingdom and Germany, and support its strategy of global growth of these businesses. Honeywell said it does not intend to hold Indalex Aluminum Solutions and Security Printing Services in the long-term and expects to pursue strategic alternatives for these units as soon as practical.

"This acquisition is an excellent opportunity to further expand our Automation and Control Solutions business," said David M. Cote, Honeywell chairman and CEO. "Honeywell has a long heritage in providing premier integrated security, fire, and building controls products and services. We see great opportunities in this business, and the integration of Novar's highly complementary products, services, and expertise clearly enhance those prospects. Novar has a great heritage built on a competitive product offering, a talented workforce, and a management team dedicated to delivering value to their customers. Adding these assets to Honeywell's already strong global technology platforms will deliver benefits for customers and expanded opportunities for employees of both companies. We look forward to working with Novar's management team to realize the benefits of this combination."

Honeywell intends to integrate Novar's IBS unit into its Automation and Control Solutions (ACS) division. Honeywell ACS is an approximately $8 billion business with more than 40,000 employees worldwide.

Publication date: 12/20/2004

Did you enjoy this article? Click here to subscribe to The NEWS Magazine

You must login or register in order to post a comment.



Image Galleries

2014 Energy Efficiency Forum

Highlights from the 25th annual Energy Efficiency Forum in Washington, D.C.


NEWSMakers: Jason Vogelbaugh

Jason Vogelbaugh of Alpha Controls drops in to the NEWSMakers podcast to discuss his role with the company, the InsideIQ Building Automation Alliance, and current energy-efficiency projects being worked on. Posted on Sept. 26.

More Podcasts


NEWS 09-29-14 cover

2014 September 29

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe


DOE has denied AHRI’s petition for reconsideration of walk-in standards. Is it getting harder to reach consensus on efficiency standards?
View Results Poll Archive


2014 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research


Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.


Magazine image
Register today for complete access to ACHRNews.com. Get full access to the latest features, Extra Edition, and more.


facebook icontwitter iconyoutube iconLinkedIn i con