Honeywell expands its intelligence with Matrikon acquisition
EDMONTON: Honeywell International Inc. is acquiring Edmonton-based Matrikon Inc., a provider of industrial monitoring technology, for $145 million.
Matrikon’s software collects data from diverse industrial sources and unifies it in a common database for analysis is accessible from a web browser. The company generated revenues of more than $73 million last year mostly through sales in the power and utilities, oil and gas, mining and petrochemicals sectors. About 5% of its revenues come from discrete manufacturing, forest products, facilities management and building automation.
It does about 70% of its business outside of Canada. Aside from its North American locations, Matrikon has offices in Europe, the Middle East, Asia, Australia and New Zealand and employs more than 520 people.
Honeywell, a diversified technology and manufacturing company based in Morris Township, NJ, expects the acquisition to strengthen its position in the oil and gas, and power and utilities sectors while increasing its footprint globally in “key” regions.
Matrikon will be integrated into Honeywell Process Solutions, which is part of Honeywell’s Automation and Control Solutions business group.
“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,” said Norm Gilsdorf, president of Honeywell Process Solutions.
Honeywell will buy outstanding Matrikon shares for $4.50 each, which represents a transaction value of approximately $145 million. The acquisition price represents a 21% premium over Matrikon’s 30-day volume weighted average share price.