Honeywell to acquire Intermec for $600 million

Acquisition expected to close by Q2 2013.
By Modern Materials Handling Staff
December 11, 2012 - MMH Editorial

Intermec, a leading provider of data capture and information management solutions, today announced a definitive agreement under which Honeywell International will acquire Intermec for $10.00 per share in an all-cash transaction valued at approximately $600 million.

“We are pleased that Honeywell recognizes and values the capabilities as well as the strategic potential of our business,” said Allen J. Lauer, Intermec chairman and interim CEO. “Our Board conducted a thoughtful and comprehensive strategic review of Intermec’s business with the goal of determining the best possible overall outcome for our stakeholders. The agreement with Honeywell not only maximizes value for our stockholders, it combines our history of innovation and engineering expertise, global reach and leading products and solutions with the significant global scale and resources of Honeywell.”

Under the terms of the agreement, which has been approved by both companies’ Boards of Directors, Honeywell will acquire all of the outstanding common shares of Intermec for $10.00 per share in cash. The transaction represents a 48% premium to Intermec’s closing stock price on November 1, 2012, the last trading day prior to Intermec announcing it had retained BofA Merrill Lynch. The transaction, which is subject to the approval of Intermec stockholders, regulatory approvals and customary closing terms and conditions, is expected to close by the end of the second quarter 2013.

In light of today’s announcement, the Company is suspending its previously announced search for a permanent Chief Executive Officer. BofA Merrill Lynch is serving as exclusive financial advisor, and Perkins Coie LLP is serving as legal counsel, to Intermec.



Subscribe to Modern Materials Handling magazine

Subscribe today. It's FREE!
Find out what the world's most innovative companies are doing to improve productivity in their plants and distribution centers.
Start your FREE subscription today!

Recent Entries

Acquisition to strengthen expertise in fast-growing market for automated warehouse systems in North America.

Lee joined company in 2005 and brought it back from the brink of bankruptcy.

Tour highlighted opportunity, growth, innovation and changing perceptions of manufacturing.

Ellis provides space-saving solutions including mobile shelving systems, vertical lift modules, vertical carousels and rotary files.

Lightweight paperboard improves product safety and cuts costs for iron door manufacturer.

About the Author

Josh Bond, Senior Editor
Josh Bond is Senior Editor for Modern, and was formerly Modern’s lift truck columnist and associate editor. He has a degree in Journalism from Keene State College and has studied business management at Franklin Pierce University.

Comments

Post a comment
Commenting is not available in this channel entry.


© Copyright 2016 Peerless Media LLC, a division of EH Publishing, Inc • 111 Speen Street, Ste 200, Framingham, MA 01701 USA