Honeywell Makes Buy in Europe

The company plans to acquire Gardiner Groupe Europe.
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Honeywell

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signed a deal to acquire Gardiner Groupe Europe, a distributor of closed-circuit TV systems, fire alarms, access controls and other security products, from Electra Partners Europe, a private equity firm.

Financial terms weren't disclosed.

Honeywell expects to complete the transaction in the spring. The Paris-based Gardiner Groupe Europe reported $260 million in revenue for 2005 and will join Honeywell's ADI International business, a distributor of security and low-voltage products in Europe.

"The Gardiner Groupe will significantly enhance our scope in security products distribution in Europe, where there is a substantial opportunity for growth in Honeywell's distribution business. Gardiner's extensive European footprint and strong customer relationships strategically complement our distribution business in Europe," Honeywell said Monday.

Shares of Honeywell tacked on 32 cents to $41.80.