Minneapolis, MN, November 5, 2007 - Honeywell (NYSE: HON) today announced it has signed a definitive agreement to acquire Maxon Corp., a privately held industrial combustion controls business based in Muncie, Indiana, for approximately $185 million.
Maxon manufactures a range of combustion burners, gas valves, and engineered systems that provide industrial businesses with more energy and environmentally efficient process heating solutions. The agreement is subject to customary closing conditions, including regulatory review.
Maxon will become a part of Honeywell’s Environmental and Combustion Controls (ECC) business, which has an established position in the residential and commercial heating segments. Maxon expands Honeywell’s reach into the growing global process heating space. In 2007, Maxon had sales of approximately $100 million, of which more than 56 percent are outside the United States.
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