Honeywell’s latest expansion is $670M deal for Iowa company in oil and gas industry
Honeywell will acquire a Des Moines, Iowa-based oil and gas compressor company for $670 million, the Charlotte-based electronics manufacturing giant announced Wednesday.
The deal to buy Compressor Controls Corporation is expected to close this year, Honeywell said in a news release. The Iowa company employs about 280 people. While Honeywell has much of its business in the aerospace sector, it also has been involved in such markets as industrial warehouses, commercial buildings and oil refineries.
Compressor Controls Corporation dates back to 1974. It serves the liquified natural gas, gas processing, refining and petrochemical industries by providing what’s known as turbomachinery control. The technology will help Honeywell reach environmental sustainability goals as turbomachinery can remove carbon dioxide from plant emissions as well as the earth’s atmosphere.
Turbomachines generally transfer energy to or from a fluid flowing across them, typically by rotation around the machine’s axis. The machines can move or compress gases, along with other applications.
About Honeywell
Honeywell makes products ranging from airplane equipment to home security systems.
In late 2018, Honeywell announced it would move its global headquarters from New Jersey to Charlotte, thanks in part to $87 million worth of state and local incentives. The company pledged to bring 750 jobs to the area by 2024.
In December 2021, Honeywell held a grand opening of its 23-story uptown headquarters on South Mint Street.
Honeywell has 1,300 employees in Charlotte and nearly 100,000 workers worldwide, spokeswoman Caitlin Leopold told The Charlotte Observer last month.
New Honeywell CEO
The acquisition of CCC comes as Honeywell is transitioning to new leadership.
Honeywell named a new CEO last month to replace the outgoing leader Darius Adamczyk, effective June 1.
Vimal Kapur, 57, has been with Honeywell for 34 years in various leadership roles including chief operating officer since July. He was appointed to Honeywell’s board of directors last month.
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This story was originally published April 26, 2023 at 11:12 AM with the headline "Honeywell’s latest expansion is $670M deal for Iowa company in oil and gas industry."
