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.
The combined businesses will offer a broad range of solutions in the AIDC industry, with a diverse base of customers in a number of industry verticals. The new business will serve customers in retail, healthcare, manufacturing, distribution and logistics, transportation, entertainment, and government sectors.
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.
INFO SOURCES
Honeywell International (NYSE: HON); Francisco Partners
FIRMS
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.
Francisco Partners is a leading global private equity firm focused exclusively on investments in technology and technology-enabled services businesses. With approximately $5 billion of committed capital, Francisco Partners pursues structured investments in technology companies, targeting investments in private companies, public companies and divisions of public companies, with transaction values ranging from $30 million to $3 billion.
Elliott Associates, L.P. and its sister fund, Elliott International, L.P. have more than $10.5 billion of capital under management. Founded in 1977, Elliott is one of the oldest hedge funds under continuous management. The Elliott funds' investors include large institutions, high-net-worth individuals and families, and employees of the firm.
As Metrologic Instruments, Inc. celebrates its 40th anniversary, it continues to be a global supplier of choice for data capture and collection hardware and software. Metrologic delivers innovative products that are cost effective, reliable and supported by a superior level of personal service. Metrologic products are sold worldwide through sales, service and distribution offices located in North & South America, Europe, Australia, and Asia.
PEOPLE
Darius Adamczyk, Chief Executive Officer, Metrologic Instruments, Inc.
Ben Cornett, President, Honeywell Security
Andrew Kowal, a Principal with Francisco Partners
LINKED TO
Elliott Associates is also an investor in Metrologic.
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