Honeywell in $17-Million Deal for Profimatics
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Controls giant Honeywell Inc. has agreed to acquire a Thousand Oaks engineering and software firm, Profimatics Inc., for a reported $17 million.
Profimatics, now a subsidiary of Computer Task Group Inc. of Buffalo, N. Y., specializes in producing automated systems for oil refineries.
Honeywell, based in Minneapolis, plans to rename its acquisition Honeywell Profimatics and make it part of its industrial controls business, headquartered in Phoenix. The deal is subject to regulatory approval.
David Highsmith, Profimatics’ controller, said the firm has 45 employees in this country and 15 at an office near Hamburg, Germany. He said Profimatics’ sales are not made public. Honeywell has annual sales of $6 billion.
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