HONEYWELL INTERNATIONAL INC acquires First Technology plc
The deal at a glance
HONEYWELL INTERNATIONAL INC acquired First Technology plc for GBP 406 million (US$718 million), a transaction completed in March 2006, structured as all cash (public tender offer, 385 pence per share).
First Technology plc operates in Automation and Control Solutions (Life Safety / Honeywell Analytics), is based in United Kingdom (LSE: FRS); global operations. A UK-listed company operating globally in Gas Sensing (sensors and instrumentation), Automotive & Special Products, and Safety & Analysis. Honeywell integrated First Technology's Gas Sensing business into its Automation and Control Solutions business and folded it into the newly formed Honeywell Analytics gas-detection business.
CEO Dave Cote stated the acquisition strengthens Honeywell's presence in the fast-growing gas detection segment, which it had entered the prior year by acquiring Zellweger Analytics, and that the newly formed Honeywell Analytics business would include a broader array of gas sensing and detection solutions.
Strong strategic fit and realizable cost synergies with Honeywell's Life Safety division (including Zellweger Analytics, a global leader in gas detection); sales, channel and distribution synergy potential with Honeywell's ACS business. Cost synergies between First Technology's gas sensing/detection and Honeywell's Life Safety division; sales, channel and distribution synergies with Automation and Control Solutions. Honeywell Automation and Control Solutions (Honeywell Analytics)
No advisory firms have been disclosed for this transaction.