Press release
HONEYWELL TO ACQUIRE CAES TO ENHANCE DEFENSE TECHNOLOGIES ACROSS LAND, SEA, AIR AND SPACE
CAES' high-reliability radio frequency technologies will help drive long-term growth and further diversify revenue streams on leading defense
About this update from Honeywell International Inc.
[{"type":"text","content":"CAES' high-reliability radio frequency technologies will help drive long-term growth and further diversify revenue streams on leading defense platformsAdditional highly skilled engineers and automated facilities will deepen Honeywell's aerospace expertise and operations, strengthen offerings for customersCAES' established positions across leading U.S. military platforms provide significant opportunities for international growthCHARLOTTE, N.C., June 20, 2024 /PRNewswire/ -- Honeywell (Nasdaq: HON) announced today that it has agreed to acquire CAES Systems Holdings LLC (CAES) from private equity firm Advent International for approximately $1.9 billion in an all-cash transaction. This represents approximately 14x estimated 2024 EBITDA on a tax-adjusted basis.\n\n \n \n \n \n \n \n\n \nThis acquisition will enhance Honeywell's defense technology solutions across land, sea, air and space, including new electromagnetic defense solutions for end-to-end radio frequency (RF) signal management. With CAES' scalable offerings and Honeywell's current defense and space portfolio, the combined company will grow Honeywell's established production and upgrade positions on critical platforms that include F-35, EA-18G, AMRAAM and GMLRS, while also introducing offerings on new platforms like Navy Radar (SPY-6) and UAS and C-UAS technologies. Based on current and anticipated demand, these programs are expected to grow significantly in the years to come, creating a favorable tailwind for revenue growth of Honeywell's Aerospace Technologies business.\n\"This acquisition further positions Honeywell at the forefront of the defense industry's most dynamic sectors and sets the tempo for continued growth across our aerospace business,\" said Vimal Kapur, Chairman and CEO of Honeywell. \"With the integration of CAES' solutions and capabilities, we will fortify our existing defense offerings, while also expanding our capabilities in pivotal areas like RF, radar and sensing technologies, to ensure a market-leading position in areas that are critical for global security.\" \nHeadquartered in Arlington, Va., CAES (formerly known as Cobham Advanced Electronic Solutions) has 13 facilities in North America, including highly automated manufacturing facilities with fully automated test and tuning processes. The acquisition will add approximately 2,200 employees and ...