Honeywell to acquire Xtralis for US$480M
“This acquisition fits perfectly with Honeywell’s technology innovation and leadership,” says Alex Ismail, president and CEO of Honeywell Automation and Control Solutions, in a statement. “Xtralis’ early smoke detection and advanced security technologies and video analytics software complement our growing Security and Fire business, and show our commitment to making the world safer and more secure.”
“Xtralis is a fantastic addition to the Honeywell portfolio that strengthens our offering for critical infrastructure and high-value assets,” adds David Paja, president, Honeywell Security and Fire. “Eliminating downtime for an IT data centre is mission critical considering that the average revenue loss due to a fire or smoke is more than $5 million a week. The addition of Xtralis to our portfolio enhances our ability to meet the needs of our customers for early and reliable smoke detection.”
Following the acquisition, which is expected to close in Q2 2016 pending approvals, Xtralis will become part of Honeywell Security and Fire, a unit that operates within the company’s Automation and Control Solutions business.
Xtralis is headquartered in Dublin, Ireland, and employs 500 globally.