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Update: Honeywell to acquire Intermec for $603M

Intermec, a pioneer in the data collection and RFID sector, has agreed to be acquired by Honeywell for $603 million. The deal matches an RFID stalwart in Intermec with a relative newcomer to the market in Honeywell. Although Honeywell has a strong data capture business, it only entered the  RFID space in May when it launched its Optimus 5900 RFID mobile reader.

Everett, Wash.,-based Intermec, meanwhile, is best known as the inventor of the world’s most widely used bar code symbology, and for its more than 150 patents critical to the development and use of RFID technology.

Intermec said the deal stemmed from a thorough review of the company’s businesses by its board, with the goal of determining the best possible overall outcome for shareholders.

Honeywell to acquire Intermec

It's unclear if Honeywell will retain the Intermec brand name.

Honeywell said the addition of Intermec will strengthen its core scanning and mobile computing business, while also opening up new opportunities in radio frequency identification, voice recognition and barcode and receipt printing markets that it currently doesn’t serve.

The conglomerate makes products ranging from First Alert home security systems to automotive brake pads in its consumer division. It also provides products and services to the aerospace and defense, building and construction, energy, healthcare, chemical and manufacturing sectors.

Everett, Wash.-based Intermec employs about 2,200 people and operates more than 65 offices around the world. Honeywell said it expects the acquisition to lower its 2013 earnings by 3 cents or 4 cents per share, but increase its profits the following year.

Stay tuned to RFID 24-7 for more information and analysis on this breaking story.

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