Honeywell International Inc. (Morris Township, NJ) has announced that its shareholders have approved the proposed merger with General Electric Co. (Fairfield, CT).
The deal, originally announced last October, was reported to be worth $45 billion in stock. However, GE’s stock has dropped almost 20% since then, making it now worth about $37 billion. It is expected that the merger will be completed in the first quarter of this year, subject to regulatory approval. As part of the deal, the corporate headquarters of Honeywell will be closed and GE will take on an undisclosed amount of Honeywell’s debt.
Lennox International Inc. (Dallas, TX) board member Linda Alvarado has been honored as a Horatio Alger Award recipient. Alvarado is the president and CEO of Alvarado Construction in Denver, CO, and has been a member of the executive board for Lennox International since 1981.
The Horatio Alger Association of Distinguished Americans, a national, non-profit educational organization was established to “provide role models that exemplified the values that formed the foundation of the American Spirit,” according to the group. Alvarado will be honored at the 54th annual Horatio Alger Award Ceremonies April 5-7 in Washington, D.C.
Motors and Gears Inc. (Chicago, IL) announces its name change to Kinetek, Inc. Kinetek provides advanced design and manufacturing of a variety of motors, components, and control systems. The member companies and subsidiaries of Kinetek include such companies as Advanced DC Motors, Electrical Design & Control Company, Imperial Electric Co., Merkle-Korff Industries, Motion Control Engineering, and FIR S.P.A. Electical Motors.
Siemens Building Technologies (Buffalo Grove, IL) has signed a three-year agreement with Advocate Health Care (Oakbrook, IL) to provide energy procurement and utility resource management services.
Honeywell’s Commercial Air Products (Minneapolis, MN) business has formed an alliance with Air Purification Technologies, LLC (Valencia, CA). Honeywell and Air Purification Technologies will jointly market and sell existing commercial IAQ products while continuing to research and develop new products.
Dectron International, Inc. (Montreal, PQ, Canada) has announced that it has signed an exclusive option to purchase International Water Maker, Inc. (Delray Beach, FL).
The Howe Corporation (Chicago, IL) has resumed the responsibility of sales and marketing for the Rapid Freeze® line of flake ice equipment due to the termination of a seven-year marketing alliance with Scotsman, manufacturer of ice machines and related systems. The termination was effective Nov. 20, 2000.
The change in marketing is the result of a new, multi-product, sales and distribution strategy adopted by Howe. In addition to marketing its other refrigeration products, Howe will market its full line of ice flakers, matching condensing units, Mobile Express® (ice transport) and upright ice storage bins.
Temperature Engineering Corporation (Sterling Heights, MI) has announced its receipt of the formal documentation signifying its ISO 9001 certification.
Hedgewood Properties (Cumming, GA) will unveil its New American Home at the International Builders’ Show in Atlanta, GA, in February 2001. In collaboration with the Greater Atlanta Homebuilders Association and Southface Energy Institute, the Earth Craft House program was developed by Hedgewood as a model of energy efficiency.
“This house is going to score a 90 or better on its Home Energy Rating [HERS]” declared Brad Oberg, a designer with Integrated Building and Construction Services (IBACOS) who served as a technical consultant on the project.
ClimateCare held its Quarterly Meeting on Nov. 16-18, 2000. Hosted by Custom Comfort ClimateCare, the meeting featured financial management training with Ron Coleman and honors for Brian and Monique Walker of Walker ClimateCare in Cornwall, who achieved the highest profitability of the group and the industry sample.
ICI Klea (St. Gabriel, LA) celebrated its 10th anniversary in business on December 29, 2000. The official celebration was held at the company’s Fifth Annual Quality Day at ICI Klea’s manufacturing facility.