Mergers and Acquistions News
Categories: Software
May 14th 2010, 15:19PM
Technology and manufacturing company Honeywell has agreed to acquire Matrikon, a firm specialising in industrial plant software, for $145 million (£100 million).
The acquisition deal is hoped to strengthen Honeywell's foothold in the high-growth oil, gas and power chains, after Matrikon's software is integrated into the firm's Automation and Control Solutions business group.
Norm Gilsdorf, president of Honeywell Process Solutions, said the deal will help it respond to customer demands for smooth-running plants in all economic environments.
"Combining Matrikon's technology and expertise with Honeywell's industrial platform expands our offering to help customers continue to improve plant performance," he commented.
"This is a great addition to our business."
The news follows Honeywell's acquisition of Akuacom, a provider of automated demand response technology and services for the smart grid in the US, for an undisclosed figure.
Akuacom's technology helps utilities firms to eliminate the need for additional power plants that cater for spikes in energy usage.
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