Honeywell has signed an agreement to acquire privately held, warehouse automation business Transnorm for approximately €425 million from IK Investment Partners.
Honeywell has also announced that it has completed its spin-off of Garrett Motion Inc., Honeywell’s former Transportation Systems business. Garrett shares began “regular way” trading on the New York Stock Exchange on October 1, 2018, under the symbol “GTX.”
“These announcements show the continued progress Honeywell is making to transform our portfolio to be more focused and growth-oriented for our shareowners,” said Honeywell Chairman and Chief Executive Officer Darius Adamczyk. “We have completed the spin-off of Garrett and are making good progress in executing the spin of the Homes and ADI global distribution business, which will be named Resideo.
The acquisition of Transnorm will build upon the tremendous success of the Intelligrated acquisition and allow our warehouse automation business to take part in very strong European growth driven by e-commerce. The acquisition provides multiple avenues for continued growth and margin expansion for Honeywell. We are excited to add this market leader to an already robust business.”
Transnorm is a leading provider of engineered conveyor solutions that quickly and efficiently transport products and packages for premier e-commerce and parcel delivery customers.
“Faced with rising e-commerce demands, distribution centers and parcel delivery providers are looking to automation solutions to improve productivity, speed and accuracy,” said John Waldron, president and CEO of Honeywell Safety and Productivity Solutions. “Transnorm complements our portfolio of automated material handling equipment and supply chain software to enable us to deliver our vision of the connected distribution center to our customers. It also substantially enhances our presence in the European market.”
This acquisition strengthens Honeywell’s presence in the warehouse automation market, which is growing at a double-digit pace driven by growth in e-commerce.
Garrett Motion Inc. designs, manufactures and sells highly engineered turbocharger and electric boosting technologies for light and commercial vehicle original equipment manufacturers and the aftermarket. Garrett is a global technology leader in the turbocharger industry with significant expertise in delivering products across gasoline, diesel, natural gas and electrified (hybrid and fuel cell) powertrains.