Honeywell deals for Matrikon

Thursday, May 13, 2010 @ 10:05 AM gHale

In a move to position itself as a stronger player in the oil and gas and power markets, Honeywell will pay $142 million (C$145 million) to purchase safety and security software solution provider Matrikon Inc.
As a result of the deal Edmonton, Alberta, Canada-based Matrikon will integrate into Honeywell Process Solutions, which is part of Honeywell’s Automation and Control Solutions business group.
“Our industrial customers want their plants to run well in any economy, and Matrikon’s products help do that,” said Norm Gilsdorf, president of Honeywell Process Solutions. “Combining Matrikon’s technology and expertise with Honeywell’s industrial platform expands our offering to help customers continue to improve plant performance. This is a great addition to our business.”
“We believe that the path we embarked on with our next generation technology and our product and solution strategy blends well with Honeywell’s technology vision,” said Nizar J. Somji, Matrikon’s president and chief executive.
Matrikon, founded in 1988, will bring to Honeywell applications that monitor oil and gas well performance and mining equipment, as well as supply chain solutions for mining. Matrikon’s cybersecurity and alarm management platforms also align with Honeywell’s solutions for process safety and security.
Matrikon’s focus falls on technology to manage production, optimize operations and monitor assets at industrial plants including oil and gas, refining, energy, power and mining companies. The goal is to anticipate and correct problems, identify where the company can do better, share best practices and to achieve and sustain operational goals.
For the 12-month period ended in February, Matrikon’s sales were $80 million.

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