HoneywellS Big European Push
IBS will be folded into Honeywell’s Automation and Control Solutions (ACS) division, which includes Honeywell Security. With 2003 revenues of $1.2 billion, IBS makes up the crux of Novar’s profits.
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IBS, one of the leading security product suppliers in Europe and parts of southern Asia, supplies electrical, electronic and control products including burglar and fire alarm systems.
“Honeywell has a long heritage in providing premier integrated security, fire and building controls products and services. We see great opportunities in this business, and the integration of Novar’s highly complementary products, services and expertise clearly enhance those prospects,” Honeywell Chairman and CEO David Cote said in a statement.
The IBS unit is the main thrust of the acquisition, as Honeywell says it plans to later divest Novar’s other business units: metal extrusion company Indalex Aluminum Solutions and contract and personal check printer Security Printing Services.