Diversified technology and manufacturing company Honeywell International Inc. (HON) said it is acquiring privately-held gas detection company RAE Systems, Inc., for $340 million. The deal, subject to customary closing conditions, including regulatory review, would close in the second quarter of 2013 and not impact its 2013 full year guidance, the company noted.
The purchase price is about thirteen times RAE Systems' estimated 2013 EBITDA, or approximately six times on a synergy adjusted run-rate basis integrating with Honeywell's gas portfolio.
RAE Systems, with 2012 sales of approximately $107 million and about 750 employees, will be integrated into Honeywell Analytics, part of Honeywell Life Safety (HLS) within Honeywell Automation and Control Solutions (ACS).
Mark Levy, president and CEO of Honeywell Life Safety, said in a statment, "......RAE Systems' geographic, manufacturing and distribution footprint, especially in high-growth countries like China, will help to make our already-strong gas detection portfolio an even greater global franchise in a very good industry. RAE Systems is a very compelling strategic fit for Honeywell."
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