Financial Daily from THE HINDU group of publications
Wednesday, Nov 03, 2004

News
Features
Stocks
Cross Currency
Shipping
Archives
Google

Group Sites

Corporate - Mergers & Acquisitions


Honeywell completes acquisition of Tata stake in joint venture

Our Bureau

Hyderabad , Nov. 2

HONEYWELL International Inc, the $23-billion diversified corporation, has announced that its wholly owned subsidiary, Honeywell Asia Pacific Inc, has completed acquisition of Tata group's 40.62 per cent stake in Tata Honeywell Ltd.

This transaction was announced in July 2004 and was completed today after the receipt of all necessary regulatory approvals.

Based in Pune, Tata Honeywell is one of the leading automation and control systems providers in India with approximately 1,300 employees and revenues for the year ended March 31, 2004 of Rs 342.4 crore ($70 million). Prior to the completion of the transaction, Tata Honeywell was a joint venture in which Honeywell and Tata group, each held 40.62 per cent of the outstanding shares, with the remainder held publicly and traded on the Bombay Stock Exchange (BSE). As a result of the transaction, Honeywell will hold approximately 82 per cent of the outstanding shares. The new name for Tata Honeywell will be announced soon.

The President, Automation and Control Solutions (Asia Pacific), Honeywell, Mr John O'Higgins, in a statement said: "This business will be an integral part of Honeywell and will become an even more important global resource for Honeywell's Process Solutions and Building Solutions businesses."

"We have had 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," Mr Vinayak Deshpande, who will continue as the Managing Director of the company, said.

More Stories on : Mergers & Acquisitions

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page



Stories in this Section
IVRCL bags irrigation orders worth Rs 923 cr


Nissan SUV X-Trail sells over 100 units in two months
DaimlerChrysler to enter truck market — Plans launch of Actros in early 2005
BPL-Sanyo CTV venture to raise $30 m
Good response to L&T's FCCB issue
TVS Motor goes in for $60-m ECB
Why Press Note 18 needs to be scrapped
Greaves Cotton posts six-fold increase in net
Shriram group, Sembcorp may pick up stake in Ramky Pharma
Honeywell completes acquisition of Tata stake in joint venture
`Rating agencies must cover more firms on corporate governance'
LML in expansion drive, eyes bigger share in bike market
Hind Paper finalises Rs 1,000-cr capacity expansion plan
Shanthi Gears on expansion mode — Still on the look out for strategic partner
BIFR confirms winding up of Pennar Profiles
Vinita Bali to head Britannia
Sidharth Ray co exits Data Access — Quits on fallout with management
Ford rolls out Fusion



The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2004, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line