Honeywell and Sphere enter BEE partnership
May 2007
News
Honeywell has announced that Sphere Holdings, a black economic empowerment (BEE) partner, will invest in the Honeywell Process Solutions business in South Africa, becoming a 25,1% owner.
The transaction, which was effective 1 April 2007, is a significant post-independence milestone for a wholly-owned foreign technology group in South Africa.
"Honeywell believes in the future of South Africa and is committed to fulfilling its role in the growth and development of the country," said Jason Whitehead, regional general manager for Honeywell South Africa. "This investment is an important landmark for Honeywell and aligns our business with a key investment partner in South Africa. Sphere Holdings, with its highly qualified team, shares our vision to empower the new generation of South African business leaders for strategic industrial development."
Honeywell Process Solutions and its team of 270 employees in South Africa will continue to provide automation and control solutions to a variety of companies, including Sasol and Sappi Fine Paper.
For more information contact Honeywell Process Solutions, +27 (0)11 695 8000, [email protected], www.honeywell.co.za
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