HONEYWELL TO ACQUIRE SUNDYNE TO EXPAND CRITICAL EQUIPMENT PORTFOLIO AND AFTERMARKET SERVICES
Honeywell (NASDAQ: HON) has announced the acquisition of Sundyne from Warburg Pincus for $2.16 billion in an all-cash transaction, representing approximately 14.5x 2024 EBITDA. Sundyne, headquartered in Arvada, Colorado, is a leader in engineered pumps and gas compressors for process industries, bringing approximately 1,000 employees and significant recurring aftermarket revenue.
The acquisition will enhance Honeywell's Energy and Sustainability Solutions (ESS) business segment, particularly strengthening its capabilities in refining, petrochemicals, LNG, and clean fuels. The integration will combine Sundyne's equipment with Honeywell Forge IoT platform for improved reliability and predictive maintenance.
The deal is expected to close in Q2 2025, subject to regulatory approvals, and will be immediately accretive to Honeywell's sales growth, segment margins, and adjusted EPS in the first full year of ownership.
Honeywell (NASDAQ: HON) ha annunciato l'acquisizione di Sundyne da Warburg Pincus per 2,16 miliardi di dollari in una transazione completamente in contante, che rappresenta circa 14,5 volte l'EBITDA del 2024. Sundyne, con sede ad Arvada, Colorado, è un leader nelle pompe progettate e nei compressori di gas per le industrie di processo, portando circa 1.000 dipendenti e significative entrate ricorrenti post-vendita.
L'acquisizione rafforzerà il segmento business di Honeywell dedicato alle Soluzioni Energetiche e di Sostenibilità (ESS), migliorando in particolare le sue capacità nella raffinazione, nei petrochimici, nel GNL e nei combustibili puliti. L'integrazione unirà le attrezzature di Sundyne con la piattaforma IoT Honeywell Forge per una maggiore affidabilità e manutenzione predittiva.
Si prevede che l'affare si chiuda nel secondo trimestre del 2025, soggetto ad approvazioni regolatorie, e sarà immediatamente accretivo alla crescita delle vendite di Honeywell, ai margini del segmento e all'EPS rettificato nel primo anno completo di proprietà.
Honeywell (NASDAQ: HON) ha anunciado la adquisición de Sundyne de Warburg Pincus por 2.16 mil millones de dólares en una transacción completamente en efectivo, lo que representa aproximadamente 14.5 veces el EBITDA de 2024. Sundyne, con sede en Arvada, Colorado, es un líder en bombas diseñadas y compresores de gas para industrias de proceso, aportando aproximadamente 1,000 empleados y significativos ingresos recurrentes de posventa.
La adquisición mejorará el segmento de negocio de Soluciones de Energía y Sostenibilidad (ESS) de Honeywell, fortaleciendo particularmente sus capacidades en refinación, petroquímicos, GNL y combustibles limpios. La integración combinará el equipo de Sundyne con la plataforma IoT Honeywell Forge para una mayor fiabilidad y mantenimiento predictivo.
Se espera que el acuerdo se cierre en el segundo trimestre de 2025, sujeto a aprobaciones regulatorias, y será inmediatamente accretivo al crecimiento de ventas de Honeywell, a los márgenes del segmento y al EPS ajustado en el primer año completo de propiedad.
하니웰 (NASDAQ: HON)은 워버그 핀커스로부터 썬다인을 21억 6천만 달러에 전액 현금 거래로 인수한다고 발표했습니다. 이는 2024년 EBITDA의 약 14.5배에 해당합니다. 콜로라도주 아르바다에 본사를 둔 썬다인은 공정 산업을 위한 엔지니어링 펌프 및 가스 압축기의 선두주자로, 약 1,000명의 직원을 보유하고 있으며 상당한 반복적인 애프터마켓 수익을 가져옵니다.
이번 인수는 하니웰의 에너지 및 지속 가능성 솔루션(ESS) 사업 부문을 강화하고, 특히 정제, 석유화학, 액화천연가스(LNG) 및 청정 연료 분야에서의 역량을 강화합니다. 통합은 썬다인의 장비와 하니웰 포지 IoT 플랫폼을 결합하여 신뢰성과 예측 유지보수를 개선할 것입니다.
이번 거래는 규제 승인을 조건으로 2025년 2분기에 마무리될 것으로 예상되며, 하니웰의 매출 성장, 부문 마진 및 조정된 EPS에 즉각적인 긍정 효과를 미칠 것입니다.
Honeywell (NASDAQ: HON) a annoncé l'acquisition de Sundyne auprès de Warburg Pincus pour 2,16 milliards de dollars dans le cadre d'une transaction entièrement en espèces, représentant environ 14,5 fois l'EBITDA de 2024. Sundyne, dont le siège est à Arvada, Colorado, est un leader dans les pompes conçues et les compresseurs de gaz pour les industries de transformation, apportant environ 1 000 employés et des revenus récurrents significatifs après-vente.
L'acquisition renforcera le segment d'activité Solutions Énergétiques et Durabilité (ESS) de Honeywell, en améliorant particulièrement ses capacités dans le raffinage, la pétrochimie, le GNL et les combustibles propres. L'intégration combinera l'équipement de Sundyne avec la plateforme IoT Honeywell Forge pour une meilleure fiabilité et une maintenance prédictive.
L'accord devrait être finalisé au deuxième trimestre 2025, sous réserve des approbations réglementaires, et sera immédiatement accretif à la croissance des ventes de Honeywell, aux marges du segment et au BPA ajusté au cours de la première année complète de propriété.
Honeywell (NASDAQ: HON) hat die Übernahme von Sundyne von Warburg Pincus für 2,16 Milliarden Dollar in einer rein bargeldbasierten Transaktion angekündigt, was ungefähr 14,5-fachem EBITDA für 2024 entspricht. Sundyne, mit Hauptsitz in Arvada, Colorado, ist ein führendes Unternehmen für konstruierte Pumpen und Gasverdichter für Prozessindustrien und bringt etwa 1.000 Mitarbeiter sowie signifikante wiederkehrende Umsatzströme nach dem Verkauf mit.
Die Übernahme wird das Geschäftsfeld für Energie- und Nachhaltigkeitslösungen (ESS) von Honeywell stärken, insbesondere die Fähigkeiten in der Raffination, Petrochemie, LNG und sauberen Brennstoffen verbessern. Die Integration wird die Ausrüstung von Sundyne mit der Honeywell Forge IoT-Plattform kombinieren, um die Zuverlässigkeit und vorausschauende Wartung zu verbessern.
Der Abschluss des Deals wird für das 2. Quartal 2025 erwartet, vorbehaltlich der behördlichen Genehmigungen, und wird im ersten vollen Jahr des Eigentums sofort positiv zur Umsatzwachstumsrate, den Segmentmargen und dem bereinigten EPS von Honeywell beitragen.
- All-cash acquisition worth $2.16B
- Immediately accretive to sales growth and margins
- Significant recurring aftermarket revenue
- Strategic expansion in refining, LNG, and clean fuels
- Integration with Honeywell Forge IoT platform enhances service offerings
- High acquisition multiple at 14.5x EBITDA
- Regulatory approval pending
- Integration costs and risks
Insights
Honeywell's
The transaction aligns with Honeywell's broader portfolio transformation while it simultaneously executes planned separations of its Aerospace Technologies and Advanced Materials businesses. Since December 2023, Honeywell has announced approximately
Three key financial aspects stand out: First, the acquisition is explicitly described as immediately accretive to Honeywell's sales growth, segment margins, and adjusted EPS in the first full year of ownership. Second, Sundyne brings a substantial installed base generating recurring aftermarket revenue—a highly valuable business model. Third, the integration is expected to create revenue synergies with Honeywell UOP's process licensing and modular capabilities.
This acquisition complements Honeywell's technological ecosystem, as the Honeywell Forge IoT platform will enable digitalization of Sundyne's equipment, potentially enhancing equipment reliability and maintenance capabilities. The deal is expected to close in Q2 2025, subject to regulatory approvals.
The acquisition of Sundyne significantly strengthens Honeywell's position in critical industrial equipment markets, particularly in the energy sector. Sundyne's engineered pumps and compressors are specialized, high-margin products essential for process industries including refining, petrochemicals, LNG, and clean/renewable fuels—all strategic growth areas.
From a technical perspective, this acquisition creates valuable integration opportunities between Honeywell's control systems and Sundyne's mechanical equipment. The implementation of Honeywell Forge IoT capabilities with Sundyne's pumps and compressors can enable advanced predictive maintenance and performance optimization—addressing a major pain point for industrial customers who face substantial costs from equipment downtime.
The addition of Sundyne's approximately 1,000 skilled employees brings specialized engineering talent that complements Honeywell's automation expertise. This human capital acquisition is particularly valuable given the technical complexity of engineered pumps and compressors.
Most importantly, this move creates a more comprehensive solutions portfolio that enhances Honeywell's value proposition in process industries. Instead of customers sourcing critical equipment and control systems separately, Honeywell can now offer more integrated solutions spanning process technologies, critical equipment, and automation systems—potentially capturing greater share of customer spend while delivering improved operational outcomes for end users.
- Honeywell's strategic growth will be bolstered by the addition of Sundyne's differentiated products that address the increasing global need for energy security
- Sundyne's installed base across refining and petrochemicals, liquefied natural gas and clean and renewable fuels will expand the capabilities of Honeywell's Energy and Sustainability Solutions business segment
- Combination will enhance Honeywell's end-to-end solutions in process technologies and critical equipment, alongside automation and control systems enabled by Honeywell Forge
- Honeywell's global footprint and customer relationships will also expand the available market for Sundyne's unique offerings and services
- Acquisition is expected to be immediately accretive to Honeywell's sales growth and segment margins, as well as to adjusted EPS in the first full year of ownership
Sundyne's deep customer relationships, best-in-class products and technology will unlock strategic growth potential for Honeywell UOP's value chains in refining and petrochemicals, liquefied natural gas (LNG) and clean and renewable fuels. The combination will result in an improved product offering for customers as Honeywell Forge, a leading IoT platform, will enable the digitalization of Sundyne's equipment to enhance reliability and predictive maintenance. Utilizing Honeywell's advanced R&D capabilities, the combined company will also be able to further accelerate new product development in the pumps and compressors space.
"By combining Honeywell's top-tier technology with Sundyne's leading process industry solutions, this acquisition will further enhance our dynamic Honeywell UOP business and create strategic growth opportunities in attractive verticals," said Vimal Kapur, Chairman and CEO of Honeywell. "Sundyne's vast installed base of top-of-the-line pumps and compressors will further strengthen Honeywell's brand in the process industry and create significant opportunities for us to continue expanding our aftermarket services business."
Headquartered in
"Through the integration of Sundyne's differentiated suite of products and equipment, combined with the process automation capabilities of our Honeywell Forge technology, we will be able to offer our customers a more comprehensive portfolio of solutions to meet their evolving needs," said Ken West, President and CEO of Honeywell's ESS segment.
"We are incredibly proud to have partnered with the talented leadership team at Sundyne over the past five years. Sundyne's focus on diversifying its end markets, investing in innovative products, and optimizing its operations has set a solid foundation for sustained, above-market growth," said Dan Zamlong, Managing Director, Warburg Pincus.
"The combination of Sundyne and Honeywell will add significant value for our customers, channel partners and employees—and we're honored to join the Honeywell family," said Sundyne's CEO Mary Zappone. "There are numerous benefits that we can achieve together with Honeywell that will accelerate growth and improve efficiency for customers."
The acquisition is expected to be immediately accretive to Honeywell's sales growth and segment margin, as well as to adjusted EPS in the first full year of ownership.
The acquisition follows Honeywell's recent announcement of the planned separation of its Aerospace Technologies business along with the previously announced spin of Advanced Materials, which will result in three publicly listed industry leaders with distinct strategies and growth drivers. Throughout the separation execution process, Honeywell intends to continue its portfolio transformation efforts to enhance the value proposition of its businesses.
Since December 2023, Honeywell has announced a number of strategic actions to drive organic growth and simplify its portfolio. This includes approximately
Honeywell's acquisition of Sundyne is expected to close in Q2 2025, subject to customary closing conditions, including receipt of certain regulatory approvals.
About Honeywell
Honeywell is an integrated operating company serving a broad range of industries and geographies around the world. Our business is aligned with three powerful megatrends – automation, the future of aviation and energy transition – underpinned by our Honeywell Accelerator operating system and Honeywell Forge IoT platform. As a trusted partner, we help organizations solve the world's toughest, most complex challenges, providing actionable solutions and innovations through our Aerospace Technologies, Industrial Automation, Building Automation and Energy and Sustainability Solutions business segments that help make the world smarter and safer as well as more secure and sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.
We describe many of the trends and other factors that drive our business and future results in this release. Such discussions contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). Forward-looking statements are those that address activities, events, or developments that management intends, expects, projects, believes, or anticipates will or may occur in the future and include statements related to the proposed spin-off of the Company's Advanced Materials business into a stand-alone, publicly traded company and the proposed separation of Automation and Aerospace. They are based on management's assumptions and assessments in light of past experience and trends, current economic and industry conditions, expected future developments, and other relevant factors, many of which are difficult to predict and outside of our control. They are not guarantees of future performance, and actual results, developments and business decisions may differ significantly from those envisaged by our forward-looking statements. We do not undertake to update or revise any of our forward-looking statements, except as required by applicable securities law. Our forward-looking statements are also subject to material risks and uncertainties, including ongoing macroeconomic and geopolitical risks, such as lower GDP growth or recession, supply chain disruptions, capital markets volatility, inflation, and certain regional conflicts, that can affect our performance in both the near- and long-term. In addition, no assurance can be given that any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this release can or will be achieved. These forward-looking statements should be considered in light of the information included in this release, our Form 10-K and other filings with the Securities and Exchange Commission. Any forward-looking plans described herein are not final and may be modified or abandoned at any time.
This release references certain non-GAAP measures, including:
- Segment margin, which is defined as segment profit divided by net sales; segment profit, on an overall Honeywell basis, is defined as operating income, excluding stock compensation expense, pension and other postretirement service costs, amortization of acquisition-related intangibles, certain acquisition-related costs, and repositioning and other charges.
- Adjusted earnings per share, which is defined as diluted earning per share adjusted to exclude pension mark-to-market expense, amortization of acquisition-related intangibles, certain acquisition-related costs, and other items as described in reconciliations provided when we disclose adjusted earnings per share; and
- EBITDA, which we define as earnings before tax, depreciation and amortization.
Management believes that, when considered together with reported amounts, these measures are useful to investors and management in understanding our ongoing operations and in the analysis of ongoing operating trends.
Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitations of these non-GAAP financial measures are that they exclude significant expenses and income that are required by GAAP to be recognized in the consolidated financials statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and income are excluded or included in determining these non-GAAP financial measures.
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