Honeywell International is buying Intermec, known in trucking for its handheld barcode readers, RFID products and rugged mobile devices, for approximately $600 million.
The companies note in the announcement "businesses around the world increasingly require more robust asset tracking and data capture applications, and the combined entity will be a technology and information management solutions leader in the Auto Identification and Data Capture (AIDC) industry."
"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. 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, Honeywell will acquire all of the outstanding common shares of Intermec for $10 per share in cash.
Honeywell, which makes flight controls and thermostats, among other things, said the acquisition will trim profit by 3 cents or 4 cents a share in 2013