HONEYWELL INTERNATIONAL INC acquires Novar plc

HONEYWELL INTERNATIONAL INC acquired Novar plc for GBP 1.2 billion (US$2.4 billion), a transaction completed in March 2005, structured as all cash (recommended public offer, 185 pence per ordinary share).

Novar plc operates in Automation and Control Solutions, is based in United Kingdom; international operations (including European presence), had revenue of about GBP 1.43 billion (US$2.7 billion) reported 2003 revenue. An international group with core divisions in Intelligent Building Systems (IBS), Indalex Aluminum Solutions, and Security Printing Services. Honeywell acquired Novar primarily for its Intelligent Building Systems unit, which enhanced Honeywell's security, fire and building controls offering and expanded its European presence.

Honeywell stated the acquisition was an excellent opportunity to further expand its Automation and Control Solutions business, expanding European presence and enhancing the product offerings of Honeywell's ACS business, with the deal expected to be accretive to 2005 earnings.

Recommended by the Novar board; expands European footprint and building-controls product line; expected to be accretive to Honeywell's 2005 EPS. Honeywell later divested Novar's non-core Indalex and Security Printing Services units. Novar's IBS unit enhances Honeywell's security, fire and building controls offering and European reach. Honeywell Automation and Control Solutions