MINNEAPOLIS, June 4, 2012 /PRNewswire/ -- Honeywell (NYSE: HON) announced today that it has acquired INNCOM, a Connecticut-based, privately held manufacturer of advanced software-based energy management solutions and in-room controls for lodging, healthcare and educational institutions. Terms of the transaction were not disclosed.
The acquisition will enhance Honeywell's existing building management control systems offerings and broadens its customer base into the high-growth global lodging industry, particularly in the Middle East, India and Asia Pacific. INNCOM's lodging customers include leading global brands ranging from mid-scale hotels to five-star luxury properties, including Hilton, Sheraton, Hyatt, St. Regis, Four Seasons, Radisson, Kimpton, among many others.
INNCOM, with 2011 sales of $24 million, offers a broad range of devices and solutions that make guest rooms and common areas "smarter" and more energy efficient, combining temperature and humidity control, energy management, lighting and drape control, on-line electronic lock control, guest interfaces and operating enhancements for housekeeping, security, operations and management staff.
"Energy and operational efficiency are key drivers for hotels, hospitals and educational institutions as they seek to reduce their energy costs while ensuring the comfort and security of their guests, patients or students," said Beth Wozniak, president of Honeywell ECC. "This acquisition complements our commercial strategy as a full energy services provider, including integrated HVAC, lighting controls and energy management.
"INNCOM has an excellent product portfolio, including innovative energy management software, that will complement Honeywell's existing building management portfolio," Wozniak added. "And there is substantial opportunity to drive incremental growth by utilizing INNCOM's global dealer network along with Honeywell's contractor-dealer and direct sales channels."
INNCOM will be integrated into Honeywell's Environmental & Combustion Controls (ECC) business, a part of Honeywell Automation and Control Solutions (ACS), and will join the businesses' other Honeywell commercial controls brands.
"Being a part of Honeywell – with its powerful global brand and resources – will enable INNCOM to build on our success as the leading provider of energy and automation solutions on a global scale," said Duane Buckingham, chief executive officer, INNCOM. "Our product offerings are a perfect fit with Honeywell's portfolio, and together will be the best and most comprehensive solution set for customers."
INNCOM's devices are installed in more than 800,000 hotel rooms around the world, and another 10,000 rooms in hospitals, colleges-universities and military housing facilities. Based in Niantic, Conn., INNCOM has 115 employees.
Honeywell is the leading global provider of automation solutions to help manage comfort and security. ECC provides connected products that help keep 150 million homes, 10 million commercial buildings and a multitude of industrial facilities comfortable and energy efficient. ECC customers include original equipment manufacturers, commercial customers, homeowners, contractors, retail, building managers, consulting engineers and distributors.
Honeywell International (www.honeywell.com) is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. Based in Morris Township, N.J., Honeywell's shares are traded on the New York, London, and Chicago Stock Exchanges. For more news and information on Honeywell, please visit www.honeywellnow.com.
This release contains certain statements that may be deemed "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements.
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