8 November 2007
Honeywell deals for burner maker
Honeywell International Inc. will pay $185 million to pick up industrial heating equipment maker Maxon Corp. of Muncie, Ind.
Morris Township, N.J.-based Honeywell said the privately held Maxon would become part of its environmental and combustion controls business and expand its reach into process heating for manufacturers.
“Currently, there are no plans for any changes,” Maxon President Rich Clasby said. “The acquisition would be all about growth.”
Maxon builds industrial burners and combustion equipment, including gas burners and engineered systems.
Maxon employs 500 people worldwide and has plants in China and Belgium. It had 2007 revenues of $100 million. Among Maxon’s customers are General Motors and Nabisco. The Maxon family started the company in Muncie in 1916 and private equity group, HKW bought the company three years ago.
For related information, go to www.isa.org/productivity.
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