Honeywell to Acquire Sensor Systems Business from Invensys plc
(Source : Honeywell, Inc. ; issued Aug. 19, 2002)

MORRIS TOWNSHIP, NJ and LONDON ---Honeywell and Invensys plc announced today that Honeywell Automation and Control Solutions (ACS) has signed an agreement to acquire Invensys Sensor Systems for $415 million in cash.

Invensys Sensor Systems is a leading global supplier of sensors and controls used in the medical, office automation, aerospace, HVAC, automotive, off-road vehicle and consumer appliance industries. The transaction is subject to government approvals and other customary conditions. Invensys Sensor Systems will become part of the Automation and Control Products unit of ACS.

The acquisition of Invensys Sensor Systems strengthens Honeywell's product offerings in the high growth medical and automotive on-board segments, " said David Cote, Chairman and CEO of Honeywell. "Customers worldwide will benefit by our improved ability going forward to deliver advanced technologies and solutions to meet their needs. Invensys Sensor Systems has a strong technology and quality driven culture and a talented workforce, and we are excited about bringing these employees into Honeywell."

Sensors detect changes in temperature, pressure, speed, or position and are used in hundreds of products that range from ATMs to ABS systems on automobiles. Honeywell's involvement in sensing can be traced back over 60 years and today the company serves customers worldwide in the aviation, information technology, industrial, automotive on-board and consumer appliance industries.

Invensys Sensor Systems is headquartered in Shelby, NC and operates 13 manufacturing facilities in 6 countries, including the US, UK, China, Mexico and the Czech Republic. The company has 2,700 employees.

"We identified Sensor Systems as a non-core business during the Invensys strategy review and are pleased with the speed at which we have been able to reach agreement with Honeywell," said Rick Haythornthwaite, CEO of Invensys plc. "Sensor Systems and Honeywell make a good strategic fit and I am confident that the Sensor Systems business will continue to prosper under its new ownership.""

Honeywell is a US$24-billion diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; specialty chemicals; fibers; plastics; and electronic and advanced materials. Honeywell employs approximately 108,000 people in 95 countries.

Invensys plc is a global leader in production technology and energy management. The Group helps customers to improve their performance and profitability using innovative services and technologies and a deep understanding of their industries and applications.

Our Production Management businesses work closely with customers in order to drive up performance of their production assets, maximise their return on investments in production technologies and remove cost and cash from their whole supply chain. The Division includes Foxboro, Wonderware, Triconex, APV, Eurotherm and Baan. These businesses address process and batch industries - including the oil, gas and chemicals, food, beverage and personal healthcare - and the discrete and hybrid manufacturing sectors.


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