MORRIS TOWNSHIP, N.J., April 28, 2008 – Honeywell (NYSE: HON) today announced
a definitive agreement to acquire Metrologic Instruments, Inc., a leading
manufacturer of data capture and collection hardware and software, for
approximately $720 million. The agreement is subject to customary closing
conditions, including regulatory review.
Based in Blackwood, New Jersey, Metrologic is a global provider of laser and
imaging bar code scanners, including high performance linear and omnidirectional
laser scanners, fixed position and in-counter scanners, area imagers and rugged
mobile computers. Metrologic sells its products in more than 110 countries and
is majority-owned by Francisco Partners, a global private equity firm.
Metrologic will be integrated with Honeywell Security, part of Honeywell’s
Automation and Control Solutions (ACS) business. Metrologic’s revenue was
approximately $246 million in 2007.
“The acquisition of Metrologic adds to the momentum we have generated
throughout our ACS business, by focusing on high-growth industries, and is
consistent with our disciplined approach to acquisitions,” said Roger Fradin,
President and CEO of Honeywell ACS. “By building on our recent acquisition of
Hand Held Products, a leading manufacturer of Automatic Identification and Data
Collection (AIDC) solutions, we will be well-positioned in a $16 billion
industry with double-digit growth potential driven by the increased demand for
information along the global supply chain.”
As a leading manufacturer of advanced bar code scanners and high-speed image
processing software, Metrologic incorporates a broad array of laser,
holographic, vision-based, RFID and emerging technologies to create its
best-in-class products and solutions. Its sophisticated imaging and scanning
solutions serve a variety of retail point-of-sale, industrial, healthcare,
inventory and distribution applications. Approximately 65 percent of
Metrologic’s business is with customers outside North America, which will extend
the business’ global presence.
“Metrologic is very complementary to our Imaging and Mobility business. It
will strengthen and expand our presence in key verticals, particularly retail,
and provide Honeywell with strong laser and fixed position scanning
competencies,” said Ben Cornett, President, Honeywell Security. “Through its
more than 500 issued and 350 plus pending patents, Metrologic will allow us to
extend our position in the data capture and collection industry. We will be able
to provide our customers with even more comprehensive, robust data capture and
collection solutions to help them achieve their business goals.”
“This is a great opportunity for Metrologic and its employees and customers,”
said Darius Adamczyk, Chief Executive Officer, Metrologic Instruments, Inc. “As
part of Honeywell, Metrologic will be able to capitalize on the resources of
Honeywell. We are excited about the prospect of gaining access to additional
technologies and broader global distribution channels to help us exceed the
expectations of our growing and diverse base of customers.”
