Saying it plans to strengthen its autonomous operations and expand its European footprint, Honeywell HON 0.07%↑ this week announced its intention to acquire Italy-based Civitanavi Systems for about $216 million. Honeywell will make a cash offer to acquire all of Civitanavi’s outstanding shares at 6.30 euro per share.
Civitanavi’s strength is in positioning, navigation and timing technology for the aerospace, defense and industrial markets. Both Civitanavi and Honeywell have developed inertial navigation solutions, using accelerometers, sensors and gyroscopes.
“By integrating Civitanavi’s inertial technologies and sensors across Honeywell’s existing commercial, military, space and industrial platforms, our customers across the globe will now have access to a more robust portfolio of aerospace navigation solutions in support of their journey toward autonomous operations,” said Jim Currier, Honeywell Aerospace Technologies president & CEO, in a statement
Going further, Civitanavi’s product offerings of inertial navigation, geo reference and stabilization systems will complement technologies in Honeywell’s existing navigation and sensors business, the company said. In addition, Civitanavi also manufactures Fiber Optic Gyro technology that Honeywell has not previously offered in its navigation portfolio, the company said.
The deal, expected to close in the third quarter of 2024, is subject to regulatory review.
