Honeywell Acquires Sundyne for $2.2B

Honeywell announced on Monday it completed its latest acquisition, this time for a pump and gas compressor manufacturer for nearly $2.2 billion in an all-cash transaction.

The Charlotte-based tech and electronics manufacturing company will now be expanding its reach in energy with Sundyne. The acquisition will help Honeywell grow in refining and petrochemicals, liquefied natural gas, and clean and renewable fuels.

The deal combines Sundyne’s products that handle fluids and gas with Honeywell’s technology to help drive growth and provide solutions for customers, Ken West, President and CEO of Honeywell’s Energy and Sustainability Solutions segment stated.

Sundyne brings approximately 1,000 employees and significant aftermarket revenue to Honeywell.

This is the latest move in a series of expansion efforts as Honeywell is refining its operations to simplify its portfolio and drive growth.

In February, Honeywell announced that it would be spinning off its automation and aerospace tech businesses. The separations are expected to be completed by the second half of 2026. Last October, Honeywell said it would spin off its advanced materials business, which is expected to be completed this year.

These spin-offs will result in three independent, publicly-traded companies. The splits are designed to simplify operating structures as well as create financial flexibility.

Charlotte will be Honeywell’s automation business headquarters, while the aerospace business headquarters will be based in Phoenix and advanced materials business will be in Morris Plains, New Jersey.

Since December 2023, Honeywell has spent a total of $13.5 billion to buy up companies, including: the Access Solutions business from Carrier Global, Civitanavi Systems, CAES Systems, the LNG business from Air Products and Johnson Matthey’s Catalyst Technologies Business.

In May, the company acquired Johnson-Matthey, a London-based chemical company’s catalyst technologies business for $2.4 billion to expand its energy and sustainability operations. Honeywell also completed the sale of its Personal Protective Equipment business to Protective Industrial Products last month.

In 2018, Honeywell moved its global headquarters from New Jersey to Charlotte. In December 2021, Honeywell officially opened its uptown headquarters on South Mint Street where it employs 1,150 people.

Internationally, Honeywell employs 102,000 people.

Last June, Vimal Kapur took over as CEO of Honeywell, replacing Darius Adamczyk.

Honeywell was ranked No. 118 in the annual Fortune 500 list that came out this month, with annual revenue of over $38 billion. The company slipped five places from last year’s ranking.