American industrial conglomerate Honeywell has agreed to purchase Compressor Controls, a provider of turbomachinery control and optimization solutions, in an all-cash deal valued at $670m.
Compressor Controls has been acquired from Indicor, which is owned by funds affiliated with Clayton, Dubilier & Rice, and Roper Technologies.
The acquired entity offers turbomachinery control and optimisation solutions, including control hardware, software, and services.
It primarily caters to the LNG, gas processing, refining and petrochemical industries.
The combined installed base of Compressor Controls and Honeywell Process Solutions would be ranked among one of the largest running fleets of key process gear in the world.
Honeywell expect the acquisition to expand its high growth sustainability portfolio with new carbon capture control solutions.
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Headquartered at Des Moines, Iowa Compressor Control has offices located in key oil and gas production regions and employs nearly 280 people.
Honeywell Performance Materials and Technologies president and CEO Lucian Boldea said: “Compressor Control Corporation is an ideal complement to our process solutions portfolio, as it brings an installed base of greater than 14,000 control applications to our portfolio and will enable us to accelerate growth in combination with Forge’s industry leading APM capability.
“By enhancing our digitalisation portfolio, we are helping customers accelerate their energy transitions through new controls and automation that, for example, can help with carbon capture and sequestration.”
The deal, subject to customary closing conditions, is scheduled to conclude in the second half of 2023.