Honeywell and Alliedsignal merger creates $25 billion global technology company.

August '99 News

Honeywell and AlliedSignal have signed a definitive merger agreement that will create a global technology company with revenues of $25 billion (R150 billion) and technical and product leadership across a wide range of industries.

The merger combines two global players to create a US Fortune 50 company that brings together considerable management talent and diverse, successful and complementary businesses. With a combined market capitalisation in excess of $45 billion (R270 billion), the new company will have the financial strength, technology leadership and customer focus to accelerate future growth across all its enterprises. The combined company will be called Honeywell and will be headquartered in Morristown, New Jersey, the present home of AlliedSignal. Mike Bonsignore, current CEO of Honeywell, will become CEO of the new organisation.

Commenting on the implications for Honeywell Southern Africa, local MD Nick Buick said, "Although it is a little early to fully appreciate the local implications, several benefits are already obvious. The merger creates a leading global industrial force while the retention of the Honeywell name is testimony to our 114-year legacy and reinforces our brand name recognition both in South Africa and worldwide. In addition, the merger will have a positive impact on free cash flow which will be in excess of $2 billion (R12 billion) by 2002 and which will facilitate and accelerate further advances in technology across all our interests".

The combined company will have a work force of more than 120 000 employees worldwide.

"The merger is an exciting natural fit of two companies whose businesses and cultures are highly complementary," said Larry Bossidy, AlliedSignal Chairman and CEO. "We are both successful, growth-driven technology companies who are intensely focused on performance, delighting customers and making our workplaces world-class. The merger will ideally position the combined entity for enhanced revenue and income growth. AlliedSignal's Board and I have long admired the outstanding job that Mike Bonsignore and his team have done in transforming Honeywell into a knowledge-based, technology-driven provider of solutions and services. His proven management skills will lead the combined company into a new era of dynamic growth."

For details, contact Nick Buick, Managing Director of Honeywell Southern Africa on telephone (011) 805 1201 or fax (011) 315 2179.





Share this article:
Share via emailShare via LinkedInPrint this page



Further reading:

Milestone cancels APAC/EMEA MIPS conference in Dubai
Issue 2 2020 , News
In response to increasing concern for potential health risks from COVID-19 (Coronavirus), Milestone Systems has cancelled the APAC/EMEA MIPS Conference scheduled for April 20-22 in Dubai.

Read more...
The reality of load shedding
Issue 2 2020, Technews Publishing , News
It may be that I am a bit slow on the pick-up, but recent events and conversations have driven the reality of what rolling blackouts (called load shedding by Eskom to make it sound less devastating) are ...

Read more...
Ongoing profile and specification development in 2020
Issue 2 2020, Technews Publishing , News
Per Björkdahl says ONVIF has over 500 member companies and around 15 000 conformant products.

Read more...
£28 million X-ray agreement for ADANI
Issue 2 2020 , News
ADANI announces £28 million framework agreement with the UK Ministry of Justice for the supply, installation and support of X-ray transmission body scanners.

Read more...
Security issues under the spotlight
Issue 2 2020 , News
Security, at all levels, continues to be a major concern across the African continent in 2020.

Read more...
Comodo and CONDYN announce strategic partnership
Issue 2 2020, Condyn , News
CONDYN has signed a partnership to offer Comodo’s advanced endpoint threat prevention platform to South African enterprise and SMB clients.

Read more...
Arcules and Milestone deliver hybrid VMS solution
Issue 2 2020, Milestone Systems , News
Powerful functionality meets hyper-scalability with the introduction of the Arcules-XProtect Hybrid VMS Solution.

Read more...
Forbatt SA is an official FLIR distributor
Issue 1 2020, Forbatt SA , News
Forbatt SA has announced that it now has official distribution rights for the FLIR range of products.

Read more...
IFSEC rescheduled to 8-10 September 2020 due to coronavirus fears
Issue 2 2020, Technews Publishing , News
IFSEC and co-located shows have been rescheduled to take place on 8–10 September 2020 at London ExCeL.

Read more...
Amazon Web Services achieves Level 1 BBBEE status
Issue 2 2020 , News
AWS also invites 100 percent black-owned South African small businesses to apply for the AWS Equity Equivalent Investment Programme.

Read more...