Honeywell announced that it acquired Sundyne from private equity firm Warburg Pincus for $2.16 billion in an all-cash transaction.
The company expects the acquisition of Sundyne, a designer, manufacturer and aftermarket supporter of highly-engineered pumps and gas compressors for process industries, to be immediately accretive to its sales growth and segment margins as well as to adjusted EPS in the first full year of ownership.
Honeywell added that the deal would help unlock growth potential for its UOP’s value chains in refining and petrochemicals, liquefied natural gas and clean and renewable fuels.
Unified under the Honeywell Forge platform, the combined solution provides a scalable, full-spectrum approach that strategically positions Honeywell in the energy transition.
“Merging Sundyne’s differentiated products with Honeywell’s leading technology and R&D capabilities positions our business for significant growth,” Honeywell Energy and Sustainability Solutions President and CEO Ken West said. “By enhancing our end-to-end process technology and critical equipment offerings, this acquisition allows us to provide improved solutions for our customers.”
The completion of this acquisition follows Honeywell’s announcement of the planned spin-offs of its Aerospace Technologies and Solstice Advanced Materials businesses, which will result in three publicly listed industry leaders with distinct strategies and growth drivers.
Since December 2023, Honeywell has announced a number of strategic actions to drive organic growth and simplify its portfolio, including $13.5 billion of accretive acquisitions.
In addition to Sundyne, these acquisitions include the Access Solutions business from Carrier Global, Civitanavi Systems, CAES Systems, the LNG business from Air Products and Johnson Matthey’s Catalyst Technologies Business.
Honeywell also completed the sale of its Personal Protective Equipment business to Protective Industrial Products last month.