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Honeywell completes acquisition of Carrier’s Global Access Solutions business

Honeywell announced the completion of its acquisition of Carrier’s Global Access Solutions business for US$4.95 billion.

In a statement, Honeywell said the deal positions the company “as a leading provider of security solutions for the digital age with opportunities for accelerated innovation in the fast-growing, cloud-based services and solutions space.”

The acquisition also brings three brands to Honeywell’s portfolio: LenelS2, a provider of commercial and enterprise access solutions; Onity, which offers electronic locks, specifically hospitality access and mobile credentials; and Supra, which specializes in cloud-based electronic lockboxes and scheduling software.

As a result of the deal, Global Access Solutions’ approximately 1,200 employees are now part of Honeywell. The acquisition was originally announced in December of last year.

“As the world’s security needs evolve from a focus on protecting people to protecting both people and critical assets, we see strong growth prospects for our Access Solutions acquisition,” said Vimal Kapur, CEO, Honeywell in a statement. “By building on our strong track record of delivering high-value building automation products, solutions, and services globally, this acquisition creates an exciting opportunity for us to achieve faster growth and further margin expansion, while generating better outcomes for our Building Automation customers.”

In addition to the sale of its Global Access Solutions business, Carrier has agreements in place to sell its Commercial Refrigeration and Industrial Fire businesses this year, and has also initiated the sale process of its Commercial and Residential Fire businesses. Carrier completed the acquisition of Viessmann Climate Solutions from the Viessmann Group earlier this year.

“Through these transactions, Carrier will transform into a more focused, higher-growth company ready to address important climate challenges. I want to personally thank the many talented Global Access Solutions employees for their contributions to the business and our customers over the years, and I look forward to watching this business continue to thrive under new ownership,” said David Gitlin, chairman and CEO, Carrier, in a statement.