Morris PLAINS, NJ, December 30, 2015 - Honeywell (NYSE: HON) today announced the completion of the acquisition of Melrose Industries' Elster division. Elster is a world leader in gas solutions for commercial, industrial and residential heating systems and specializes in gas, water and electricity metering equipment, including smart metering meters, software and data analysis solutions. The acquisition, announced by Honeywell on July 28, 2015, has been completed ahead of schedule following approv
Morris PLAINS, NJ, December 30, 2015 - Honeywell (NYSE: HON) today announced the completion of the acquisition of Melrose Industries' Elster division. Elster is a world leader in gas solutions for commercial, industrial and residential heating systems and specializes in gas, water and electricity metering equipment, including smart metering meters, software and data analysis solutions. The acquisition, announced by Honeywell on July 28, 2015, has been completed ahead of schedule following approval by Melrose Industrials' shareholders and required regulatory approvals, including in the United States, the European Union and China.
"The acquisition of Elster will bring Honeywell outstanding technology, brands, energy efficiency expertise and a global presence," said Dave Cote, chairman and chief executive officer of Honeywell. "This is also a great opportunity for us to drive growth and profitability across Elster's businesses through the deployment of Honeywell's HOS Gold operations." "This will be a very rewarding acquisition for our shareholders and one that meets their expectations for Honeywell."
Elster's gas heating and gas, water and power metering businesses will be integrated into Honeywell Environment & Energy Efficiency Solutions (E&ES), part of the Honeywell Automation Control Systems Group. Elster's upstream and midstream gas applications businesses will be integrated into Honeywell Process Controls (HPS), which is part of Honeywell's Characteristic Materials and Technologies Group.
Honeywell (www.honeywell.com) is a Fortune 100 diversified, high-tech advanced manufacturing company with global businesses in aerospace products and services; building, home and industrial control technologies; turbochargers; and characteristic materials. Honeywell's history in China dates back to 1935. At that time, Honeywell opened its first dealership in Shanghai. At present, Honeywell's three major business groups have settled in China, and all of its business units have moved their Asia-Pacific headquarters to China, and have established a number of branches and joint ventures in more than 20 cities in China.
