Honeywell Buys Novar, Extending Security Product Reach in Europe
MORRIS TOWNSHIP, N.J.
Expanding its security business presence in Europe, Honeywell is acquiring Novar plc, parent company of Intelligent Building Systems (IBS). Honeywell is offering $2.4 billion for Novar. The transaction has already been approved by Novar’s boards of directors and is expected to close by early 2005.
IBS will be folded into Honeywell’s Automation and Control Solutions (ACS) division, which includes Honeywell Security. With 2003 revenues of $1.2 billion, IBS makes up the crux of Novar’s profits. IBS, one of the leading security product suppliers in Europe and parts of southern Asia, supplies electrical, electronic and control products including burglar and fire alarm systems.
“Honeywell has a long heritage in providing premier integrated security, fire and building controls products and services. We see great opportunities in this business, and the integration of Novar’s highly complementary products, services and expertise clearly enhance those prospects,” Honeywell Chairman and CEO David Cote said in a statement.
The IBS unit is the main thrust of the acquisition, as Honeywell says it plans to later divest Novar’s other business units: metal extrusion company Indalex Aluminum Solutions and contract and personal check printer Security Printing Services.
If you enjoyed this article and want to receive more valuable industry content like this, click here to sign up for our FREE digital newsletters!
Related Content
Security Is Our Business, Too
For professionals who recommend, buy and install all types of electronic security equipment, a free subscription to Commercial Integrator + Security Sales & Integration is like having a consultant on call. You’ll find an ideal balance of technology and business coverage, with installation tips and techniques for products and updates on how to add to your bottom line.
A FREE subscription to the top resource for security and integration industry will prove to be invaluable.
