$1.5B Deal: Honeywell Buys Out Intelligrated
Honeywell agreed to buy Intelligrated, a firm that supplies automation systems to warehouses, from investment firm Permira in a $1.5B cash deal.
Intelligrated counts United Parcel Service, Amazon and Nordstrom among its customers, and it’s just the sort of firm companies are eager to take over given its critical role in serving growing online warehouses, the Wall Street Journal reports.
“E-commerce continues to grow at an unprecedented rate and customer demands for faster delivery times have created a need for warehouse, logistics and fulfillment solutions that can increase productivity and lower costs for our customers,” says Honeywell Automation and Control Solutions CEO Alex Ismail.
The transaction is expected to conclude by the end of Q3, and longtime Honeywell CEO Dave Cote announced he will step down at the end of March. [WSJ]