CIMdata PLM Industry Summary Online Archive
03 November 2004
Acquisitions
Honeywell Completes Acquisition of TATA'S Stake
Honeywell Asia-Pacific Inc. on
Tuesday announced completion of acquisition of Tata Group's 40.62 per
cent stake in Tata Honeywell Limited.
The acquisition was completed on Tuesday after the receipt of all necessary
regulatory approvals, the company said in a release here.
As a result of the transaction, Honeywell will hold approximately 82 per
cent of the outstanding shares and the new name for Tata Honeywell will
be announced soon, it said.
Managing Director Vinayak Deshpande would continue with the company, it
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 are excited about the opportunities
that India presents in the long term given its increasing investments
in infrastructure and industrial sectors," John O'Higgins, president,
Automation and Control Solutions (Asia Pacific), said.
The company would strengthen its Indian operations through advanced solutions
and expertise in areas like engineering, project management and technical
support, he said.
Tata Honeywell Limited, a joint venture between Tata Industries Ltd and
Honeywell Inc. USA, was established in 1988 to provide automation and
control technology to the industrial and building sectors, with 40.62
per cent shares held by both companies and rest by the public.
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