Honeywell subsidiary acquires rest of Tata Honeywell joint venture
Pune, India—Honeywell International Inc. reports that its subsidiary, Honeywell Asia Pacific Inc., has acquired Tata Group’s 40.62% stake in their former joint venture, Tata Honeywell Ltd.
Pune, India— Honeywell International Inc. reports that its subsidiary, Honeywell Asia Pacific Inc., has acquired Tata Group’s 40.62% stake in their former joint venture, Tata Honeywell Ltd. The transaction, announced in July 2004, was completed after all necessary regulatory approvals were received. A new name for Tata Honeywell reportedly will be announced soon.
Tata Honeywell is one of India’s leading automation and control system providers. It has approximately 1,300 employees and had $70 million in revenues for the year that ended March 31, 2004. Tata Honeywell was originally a joint venture in which Honeywell and Tata Group each held 40.62% of the outstanding shares, with the remainder held publicly and traded on the Mumbai Stock Exchange (BSE). Following the acquisition, Honeywell now holds approximately 82% of the organization’s outstanding shares.
“This business will be an integral part of Honeywell, with a commitment to become an even more robust regional resource for process automation and control,” says John O’Higgins, president of Honeywell Automation and Control Solutions Asia Pacific, and the company’s new chairperson.
“We’ve had a long and successful partnership with Tata, and we look forward to building on that success to expand our capability to serve the region’s automation and control customers,” adds Vinayak Deshpande, who will continue serving as the firm’s managing director.
Tata Honeywell was established in 1988 to provide automation and control technology to the industrial and building sectors. It presently supplies industrial automation and control solutions to core industries, such as petrochemicals, refining, oil and gas, mining, metals and power. The company also offers building automation and security solutions.
Control Engineering Daily News Desk
Jim Montague, news editor