Under CEO Vimal Kapoor, industrial giant Honeywell International has focused on expanding its presence in the aviation, automation and energy sectors while shedding unrelated assets.
Honeywell last month announced plans to split into three independently listed companies, months after activist investor Elliott Management bought a $5 billion stake.
According to Kapoor, Sundyne's equipment will complement Honeywell's division serving the energy and petrochemical industries, and will also help expand its aftermarket business.
Warburg acquired Sundyne in 2020 from funds advised by BC Partners Advisors LP and Carlyle Group.
The company said the acquisition, which is expected to close in the second quarter, will immediately contribute to sales growth, segment profitability and adjusted earnings per share in the first full year of ownership.
Source: Reuters
