Honeywell Acquires Carrier’s Global Access Solutions to Strengthen Building Automation
Global Access Solutions acquisition strengthens Honeywell’s strategic alignment to the automation megatrend underpinned by digitalization.
CHARLOTTE – Honeywell today announced plans to acquire Carrier Global Corporation’s Global Access Solutions business for $4.95 billion in an all-cash transaction designed to “enhance and strengthen its building automation capabilities.”
This acquisition “will enable Honeywell to become a leading provider of security solutions for the digital age,” the company announcement says.
Honeywell’s acquisition of Global Access Solutions, which includes both hardware and software solutions, further supports Honeywell’s recently announced plans to align its portfolio to three compelling megatrends: automation, the future of aviation and energy transition, underpinned by robust digitalization capabilities and solutions.
The Global Access Solutions business “will enhance Honeywell Building Technologies’ business model of leading with high-value products that are critical for buildings,” the announcement says.
The business “brings an attractive growth and margin profile that will be accretive to Honeywell with valuable software content, resilient business model and strong sources of recurring revenue,” according to the company announcement.
The acquisition will add three brands to Honeywell’s portfolio with a focus on life safety and digital access solutions, including:
- LenelS2, a business with more than 25 years in commercial and enterprise access solutions, including OnGuard and NetBox, used by numerous Fortune 100 customers.
- Onity, which offers electronic locks, including hospitality access, mobile credentials, and self-storage access. Nine of the 10 top hotel chains are customers.
- Supra’s cloud-based electronic real estate lockboxes offer mobile credentials and access management, as well as a leading digital platform to optimize scheduling for property showings.
Why Honeywell Wanted Global Access Solutions
When the deal closes, the combined company “will be able to accelerate innovation, bringing products and capabilities to customers that are increasingly moving to cloud-based services and solutions,” according to the company announcement.
“Honeywell’s strong track record delivering building automation products and services makes this a natural fit that will create a leading security platform with forecasted annual revenue in excess of $1 billion,” says Vimal Kapur, chief executive officer of Honeywell, in the announcement.
“By leveraging the capabilities of the combined company’s advanced security and safety systems, customers will be able to maximize their performance, efficiency and cost-effectiveness and create long-term, sustainable value,” he says.
The transaction is expected to close by the end of the third quarter of 2024, subject to customary closing conditions, including receipt of certain regulatory approvals.
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