Honeywell International Inc. a diversified technology and manufacturing company said on Monday that it will buy Metrologic Instruments Inc. for $720 million and the company will merge with Honeywell's Automation and Control Solution business.
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, Roger Fradin, Honeywell ACS Chief Executive said.
Blackwood, New Jersey-based Metrologic is a designer and manufacturer of software and dimensional control systems, 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 recorded revenue of about $246 million in 2007.
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.
Shares of Honeywell rose 0.03 percent to $60.48 on the New York stock Exchange in after trading hours on Monday.