Pricetag is $130 million
Honeywell International Inc. has agreed to pay $130 million for a Swiss company that makes programmable heating, cooling and energy controls for commercial buildings, officials said Wednesday. The deal is expected to close in January.
The company, Saia Burgess Controls, is now owned by Johnson Electric in Hong Kong but will become part of Honeywell's environmental and combustion controls business, which is based in Golden Valley.
Saia Burgess generated $93 million in sales last year and has 300 employees based in Switzerland.
Beth Wozniak, president of Honeywell's environmental and combustion controls unit, said in a statement that she expects to cross-sell products and share technologies between Saia and Honeywell's own "intelligent building controls" business.
Saia Burgess' electrical "submeter" products -- which divide, control and measure heat and air conditioning -- are expected to fit well with Honeywell products that also control the flow of energy to multiple tenants. Honeywell's submeter business is entrenched in North America, and Saia's submeter division caters to customers in Europe, Asia and the Middle East.
Honeywell's portfolio of building controls serves 150 million homes and 10 million commercial buildings and includes brands such as E-Mon, Phoenix Controls and the newly acquired Inncom brand.
The acquisition expands Honeywell's energy controls presence in Austria, Germany and Switzerland.
Dee DePass 612-673-7725