Honeywell Security to acquire Xtralis
Honeywell (NYSE: HON) has entered into a definitive agreement to acquire Xtralis, a leading global provider of aspirating smoke detection along with advanced perimeter security technologies and video analytics software, for $480 million from funds advised by Pacific Equity Partners and Blum Capital Partners.
Xtralis aspirating smoke detection solutions protect many Fortune 500 companies, iconic sites and critical infrastructures worldwide. They are used in data centers, historical buildings, airports, industrial sites and manufacturing facilities to provide very early warning and verification of threats to speed response time and minimize facility damages and potential injuries.
"This acquisition fits perfectly with Honeywell's technology innovation and leadership," said Alex Ismail, president and CEO of Honeywell Automation and Control Solutions.
"Xtralis' early smoke detection and advanced security technologies and video analytics software complement our growing Security and Fire business, and show our commitment to making the world safer and more secure."
The company is headquartered in Dublin, Ireland, with approximately 500 employees across Europe, Middle East, Africa, Asia Pacific and the Americas, and has more than 30 years of fire and security experience. The transaction is expected to close in the second quarter of 2016 subject to customary closing conditions, including regulatory approvals.
"Xtralis is a fantastic addition to the Honeywell portfolio that strengthens our offering for critical infrastructure and high-value assets," said David Paja, president, Honeywell Security and Fire.
"Eliminating downtime for an IT data center is mission critical considering that the average revenue loss due to a fire or smoke is more than $5 million a week1. The addition of Xtralis to our portfolio enhances our ability to meet the needs of our customers for early and reliable smoke detection."
The company pioneered the development of very early warning technology that can detect smoke in a facility at an early stage of a fire, which gives emergency responders precious additional time to help prevent or minimise physical damage and injury.
Upon completion of the acquisition, Xtralis will become part of Honeywell Security and Fire, a business unit of Honeywell Automation and Control Solutions. Honeywell Security and Fire is a leading global manufacturer of electronic security and life safety technologies for commercial buildings, industrial sites and homes worldwide.