23-04-2013
Honeywell acquires RAE Systems, a leading global gas detection company
Honeywell announced today a definitive agreement to acquire RAE Systems, Inc., a privately held manufacturer of fixed and portable gas and radiation detections systems, and software for $340 million. The purchase price translates to approximately thirteen times RAE Systems’ estimated 2013 earnings before interest, taxes, depreciation and amortization (EBITDA), or approximately six times on a synergy adjusted run-rate basis integrating with Honeywell’s gas portfolio. The agreement, subject to customary closing conditions, including regulatory review, is expected to close in the second quarter of 2013 and does not change Honeywell’s 2013 full-year guidance.
RAE Systems, with 2012 sales of approximately $107 million, offers a full line of personal, hand-held, transportable and fixed gas, radiation and photo-ionization sensing and detection devices for the government, oil and gas, industrial and emergency response sectors for use in a wide range of personal, plant safety and regulatory compliance applications. Their products are used in more than 120 countries by many of the world's leading corporations and government agencies, as well as numerous city and state entities in the U.S.
“RAE Systems is a pioneer in the gas detection industry with unrivalled technologies,” said Mark Levy, president and CEO of Honeywell Life Safety. “Their strong presence in hazardous material, first responder, and government complements our existing business very well, and their expertise in photo-ionization detection, wireless, and radiation detection represent terrific opportunities to expand our reach. RAE Systems’ geographic, manufacturing and distribution footprint, especially in high-growth countries like China, will help to make our already-strong gas detection portfolio an even greater global franchise in a very good industry. RAE Systems is a very compelling strategic fit for Honeywell.”
RAE Systems, founded in 1991 and based in San Jose, California, has approximately 750 employees and will be integrated into Honeywell Analytics, part of Honeywell Life Safety (HLS) within Honeywell Automation and Control Solutions (ACS).
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