Honeywell to Acquire Sensor Systems Business from Invensys

Aug. 19, 2002
MORRIS TOWNSHIP, NJ, & LONDON, August 19, 2002 -- Honeywell and Invensys plc announced that Honeywell Automation and Control Solutions (ACS) has signed an agreement to acquire Invensys Sensor Systems for $415 million in cash.

MORRIS TOWNSHIP, NJ, & LONDON, August 19, 2002 -- Honeywell and Invensys plc announced that Honeywell Automation and Control Solutions (ACS) has signed an agreement to acquire Invensys Sensor Systems for $415 million in cash.

Invensys Sensor Systems is a global supplier of sensors and controls used in the medical, office automation, aerospace, HVAC, automotive, off-road vehicle and consumer appliance industries. The transaction is subject to government approvals and other customary conditions. Invensys Sensor Systems will become part of the Automation and Control Products unit of ACS.

"The acquisition of Invensys Sensor Systems strengthens Honeywell's product offerings in the high growth medical and automotive on-board segments, " said David Cote, Chairman and CEO of Honeywell. "Customers worldwide will benefit by our improved ability going forward to deliver advanced technologies and solutions to meet their needs. Invensys Sensor Systems has a strong technology and quality driven culture and a talented workforce, and we are excited about bringing these employees into Honeywell."

Sensors detect changes in temperature, pressure, speed, or position and are used in hundreds of products that range from ATMs to ABS systems on automobiles. Honeywell's involvement in sensing can be traced back over 60 years and today the company serves customers worldwide in the aviation, information technology, industrial, automotive on-board and consumer appliance industries.

Invensys Sensor Systems is headquartered in Shelby, NC and operates 13 manufacturing facilities in 6 countries, including the US, UK, China, Mexico and the Czech Republic. The company has 2,700 employees.

Honeywell Automation and Control Solutions is a $8 billion global leader in providing product and service solutions to create efficient, safe, and comfortable environments, and help business and industry improve productivity and profitability.

ACS has three businesses: Industry Solutions; Service; Automation and Control Products. It offers heating, ventilation, humidification and air-conditioning equipment controls, security and fire alarm systems, home automation systems, energy-efficient lighting controls, and building management systems and services. It also provides automation systems, advanced software solutions, and value-added services used in a variety of industries. ACS is also a global supplier of sensors, switches, and control products for industrial applications.

For more information, visit www.honeywell.com.

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