Complementary Solutions Strengthen Honeywell’s Presence in Clean Energy,
Continue Driving Great Positions in Good Industries
BRUSSELS, June 25, 2009 – Honeywell (NYSE:HON) today announced it has
signed a definitive agreement valued at approximately $400 million USD to
acquire the RMG GROUP (RMG Regel + Messtechnik
GmbH and all of its subsidiaries, together RMG) a Kassel, Germany-based global
leader in natural gas measuring and control products, services and integrated
solutions. RMG will be integrated into Honeywell Process
Solutions, which is part of Honeywell’s Automation and Control Solutions
business group. The transaction is subject to regulatory approvals.
Founded in 1931 in Kassel, RMG specializes in the design and manufacture of
natural gas control, measurement and analysis equipment including flow metering
technology, regulating products and safety devices for oil and gas companies.
RMG has estimated 2009 sales to be $290 million USD.
“Global demand for gas, specifically clean energy sources like natural gas, is
growing and RMG is an established solution provider in the industry,” said Norm
Gilsdorf, president of Honeywell Process Solutions. “RMG’s technology
complements our industrial platform and will ultimately enable us to provide
our existing customers, as well as new customers, with broader solutions that
span the entire gas supply chain. This is an excellent fit for our business and
will strengthen Honeywell’s global presence in the clean energy
industry.”
The acquisition will build Honeywell’s presence particularly in the areas of
natural gas transportation, storage, distribution and industrial consumption.
RMG aligns strongly with Honeywell’s field instrumentation and control
solutions. For example, RMG’s gas flow meters and regulating devices complement
Honeywell’s pressure and temperature transmitters, as well as liquid natural
gas (LNG) level gauges. Also, the acquisition of RMG supports Honeywell’s
strategy to offer solutions that enhance energy efficiency; nearly 50 percent
of Honeywell’s current technology delivers energy savings and efficiency.
Natural gas is a clean fuel alternative that is becoming increasingly popular
in both mature and emerging markets around the world.
“Our business, customers and employees will benefit from becoming part of
Honeywell,” said Dr. Henning Bähren, chief executive officer of RMG GROUP. “RMG
is already a global leader and this acquisition will give us access to broader
growth opportunities and distribution channels, and gives us the ability to
expand our product offerings in a world with ever-increasing demand for clean
energy. Honeywell’s industrial offerings will allow us to create enhanced
automation and control solutions for all of our customers worldwide.”
Honeywell International (www.honeywell.com) is a Fortune 100
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. For more news and information on
Honeywell, please visit www.honeywellnow.com. Honeywell Process
Solutions is part of Honeywell’s Automation and Control Solutions group, a
global leader in providing product and service solutions that improve
efficiency and profitability, support regulatory compliance, and maintain safe,
comfortable environments in homes, buildings and industry. For more information
about Process Solutions, access www.honeywell.com/ps.
This release contains “forward-looking statements” within the meaning of
Section 21E of the Securities Exchange Act of 1934. All statements, other than
statements of fact, that address activities, events or developments that we or
our management intend, expect, project, believe or anticipate will or may occur
in the future are forward-looking statements. Forward-looking statements are
based on management’s assumptions and assessments in light of past experience
and trends, current conditions, expected future developments and other relevant
factors. They are not guarantees of future performance, and actual results,
developments and business decisions may differ from those envisaged by our
forward-looking statements. Our forward-looking statements are also subject to
risks and uncertainties, which can affect our performance in both the near- and
long-term. We identify the principal risks and uncertainties that affect our
performance in our Form 10-K and other filings with the Securities and Exchange
Commission.
Media:
Jake Saylor
1-602-313-4054
Jake.Saylor@honeywell.com
Zakia Demaghelatrous
+971 2 615 1812
zakia.demaghelatrous@honeywell.com
Investors:
Murray Grainger
1-973-455-2222
murray.grainger@honeywell.com
