MINNEAPOLIS, April 1, 2008 – Honeywell (NYSE: HON) announced today that it has reached an agreement to acquire Energy Services Group, Minneapolis. The business will be integrated into Honeywell Building Solutions (HBS), a global provider of integrated building management and control systems, and energy management solutions. The deal is expected to close by May. No terms of the transaction were disclosed.
“The acquisition of Energy Services Group expands our energy sales coverage and expertise in the Upper Midwest, and demonstrates our commitment to grow this business,” said Paul Orzeske, president of HBS. “Rising energy costs present a significant challenge to our customers, and Honeywell Building Solutions is committed to helping them better manage those costs and maximize energy efficiency.”
Energy Services Group customers include K-12 public schools, colleges and universities and state and local government entities throughout the Upper Midwest.
“Energy Services Group is thrilled to be joining Honeywell, with its outstanding reputation and leading technology,” said Perry Schmidt, president of Energy Services Group. “As part of Honeywell, Energy Services Group can bring more resources and expertise to help our customers address their energy challenges.”
HBS is a global leader in the energy services industry, helping organizations conserve energy, optimize facilities and equipment, and improve security. As a pioneer in performance contracting, the company has completed more than 4,000 energy-saving projects, and delivered more than $3 billion in energy and operational savings to customers.
Honeywell International is a $36 billion diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. Based in Morris Township, N.J., Honeywell's shares are traded on the New York, London and Chicago Stock Exchanges. For additional information, please visit www.honeywell.com. Honeywell Building Solutions is part of the Honeywell Automation and Control Solutions business group, a global leader in providing product and service solutions that improve efficiency and profitability, support regulatory compliance, and maintain safe, comfortable environments in homes, buildings and industry. For more information about Building Solutions, access www.honeywell.com/buildingsolutions.
This release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Forward-looking statements are based on management’s assumptions and assessments in light of past experience and trends, current conditions, expected future developments and other relevant factors. They are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by our forward-looking statements. Our forward-looking statements are also subject to risks and uncertainties, which can affect our performance in both the near- and long-term. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.
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