Honeywell Buys German Gas Measurement Co.
The $400 million deal gives the US-based technology company rights to a global leader in natural gas measuring and control products.
June 26, 2009
Honeywell, the listed, New Jersey-based technology and manufacturing company, will acquire RMG Regel + Messtechnik, a German gas measurement and monitoring company, in an attempt to boost its cleantech platform.
The deal is valued at about $400 million and represents a multiple of about 1.4X on $290 million in 2008 sales, according to a research note posted at Thomson Analytics by Bank of America and Merrill Lynch analysts.
“RMG margins are… expected to grow into the mid-teens within the next two years,” the report declared.
RMG will be integrated into Honeywell Process Solutions, part of the company’s automation and control solutions group.
Cleantech is anticipated to blossom into a $325 billion industry within the next decade. Advisory practices are already bulking up on pros who they think can help them tap into a market looking to triple between now and 2018.
For example, The Mercanti Group said Todd Bomberg will join its ranks from Moelis & Co. to lead its cleantech practice.
The Global Environment Fund, energy investors, hired in 2008 Raj Pai as a managing director for the firm’s investment activities in India and South Asia. Last year, Piper Jaffray announced Michael Covington as the firm’s new managing director and head of European clean technology and renewables investment banking. Also, Cleantech America took Calpine Corp. veteran William Overholt to serve as its chief executive.
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