Honeywell to buy Matrikon for $142 mn

NEW YORK, USA: Honeywell International Inc said on Thursday that it was buying software maker Matrikon Inc for $142 million to help its customers improve their operations.

Matrikon makes manufacturing software that manages production and monitors assets at oil and gas, refining, energy, power and mining plants.

Its sales were about $80 million for the 12 months that ended in February.

Matrikon will become part of Honeywell Process Solutions, which is part of the company's Automation and Control Solutions business group.

Buying Matrikon will enable Honeywell to help customers improve plant performance, said Norm Gilsdorf, president of Honeywell Process Solutions.

Honeywell also granted an option to acquire its shares at a price of C$4.50 each to entities related to Matrikon chief executive Officer Nizar Somji.

Shares of Honeywell closed at $46.87 on the New York Stock Exchange on Wednesday.