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Honeywell acquires Pittway Corporation- creating $5 billion global home and building control business.

Feb 2000 News

Honeywell and Pittway Corporation have entered into a definitive merger agreement under which Honeywell will acquire Pittway for $45,50 per share in cash. The acquisition is expected to close in the first quarter of 2000.

Pittway, headquartered in Chicago, Illinois, is one of the world's leading manufacturers and distributors of security and fire systems and other low-voltage products for homes and buildings. Its systems and products are marketed globally under the Ademco, Notifier, System Sensor, ADI, Northern Computers and other popular brand names.

Honeywell believes that Pittway will strengthen and be a major growth catalyst for its Home and Building Control business, making the combined entity a premier $5 billion global player in fire protection, security and HVAC controls and systems integration.

Pittway adds a dynamic, high-growth engine that will significantly contribute to Honeywell's future revenue and earnings performance and will dramatically extend the company's global capabilities in sensors, systems integration and HVAC controls to the rapidly growing fire and security industries.

The acquisition will enable customers within these two industries to enjoy a broader array of quality products, systems and services and will enable Honeywell to apply its systems integration expertise to satisfy the increasing demand for offerings that combine fire, security and HVAC controls into one integrated solutions package.

King Harris, Pittway President and CEO, said, "We believe this merger brings together two world-class companies committed to excellence in quality, product performance, manufacturing and customer service. We are impressed with the 'new' Honeywell that is in the process of being created and we are proud of the growth oriented, entrepreneurial culture we have developed over the last 37 years. There is great potential for advanced technology products and solutions focused on integrated control systems for both businesses and residences," Harris continued. "Honeywell's extensive, first-rate line of HVAC products and systems will fill a large gap in our product offerings and its expertise in solution selling will be invaluable to all our systems companies."

Honeywell Southern Africa

(011) 805 1201

www.honeywell.co.za





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