Honeywell buys warehouse company Transnorm

Monday, 01. October 2018 14:58

Honeywell International Inc. announced on Monday that it signed an acquisition agreement with the warehouse automation company Transnorm, worth approximately €425 million. The transaction is expected to close in November when Transnorm will officially become part of Honeywell's Safety and Productivity Solutions department. Due to the growth in e-commerce business, the acquisition will strengthen Honeywell's position in warehouse automation.

"Faced with rising e-commerce demands, distribution centers and parcel delivery providers are looking to automation solutions to improve productivity, speed and accuracy," Honeywell president and head of Safety and Productivity Solutions John Waldron commented. "Transnorm complements our portfolio of automated material handling equipment and supply chain software to enable us to deliver our vision of the connected distribution center to our customers. It also substantially enhances our presence in the European market," he added.

Honeywell shares added 0.27% in the premarket trading.

Related Links: Honeywell International Inc.
Author:
Breaking the News / SS