Acquisition
Honeywell buys Transnorm
The Transnorm Group, a manufacturer of conveyor systems, is being sold to Honywell for 425 million euros. This was announced by the previous owner IK Investments Partners. The approval of the antitrust authorities is still pending.
The European private equity firm IK Investment Partners announced that the IK VII Fund has reached an agreement to sell the Transnorm Group to Honeywell. The automation solutions manufacturer is changing hands for around 425 million euros. The transaction is subject to antitrust clearance.
"We have enjoyed working with the team at IK. With their support, we have expanded our global footprint, strengthened our business relationships with customers and added value to our product offering with the strategic acquisition of Sovex, adding modules for loading and unloading. We are now looking forward to building on this success and continuing our growth path together with Honeywell," said Sidy G. Diop, Managing Director of Transnorm, commenting on the sale.
Transnorm was founded in 1957 and is headquartered in Harsum, Germany. Further production facilities are located in Arlington, America, and Bangkok, Thailand. Under the ownership of IK, Transnorm has implemented its strategy with a focus on internationalization, product innovation and the expansion of aftermarket services and, according to IK, has doubled its sales. Most recently, the company generated 100 million euros and is expected to grow by around 30 percent in 2018. "We are extremely satisfied with Transnorm's development over the past few years. The company has developed into a leading global supplier and we are convinced that the company will successfully continue on its growth path with its new strategic partner, Honeywell, and the synergy effects offered under the umbrella of a major global company. We would like to thank the management team and employees and wish them all the best for the future," says Anders Petersson, Partner at IK.
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