Honeywell buys Com Dev in $455M deal
November 6, 2015 | By Manufacturing AUTOMATION
Nov. 6, 2015 – American aerospace and manufacturing company Honeywell is taking over Cambridge, Ont.,-based space hardware maker Com Dev International in a $455-million deal that will see the Canadian business spin off its exactEarth subsidiary.
Com Dev manufactures and sells devices such as transponders used in satellites and satellite ground stations, and the hardware is found on 950 spacecraft and 80 per cent of all commercial communication satellites, says the company.
ExactEarth is a joint venture with Hisdesat Servicios Estrategicos S.A. and provides satellite data services. The company and its subsidiary employ 1,250 people at facilities in Canada, China, India, the United Kingdom and the United States.
Honeywell will fold Com Dev into its existing satellite and space hardware business. The deal will be put to a vote of Com Dev’s shareholders scheduled for January.
— With files from The Canadian Press