Honeywell announced it has signed an agreement valued at approximately $142 million USD (approximately $145 million CAD) to acquire Matrikon Inc. (TSX:MTK), a company specializing in software that helps industrial manufacturers operate their plants safely, reliably and efficiently. The acquisition will strengthen Honeywell’s position in the high-growth oil and gas and power value chains and increase its global footprint in key regions. The transaction is subject to approval by Matrikon’s shareowners.

Matrikon will be integrated into Honeywell Process Solutions, which is part of Honeywell’s Automation and Control Solutions business group. 

Matrikon will bring to Honeywell complementary applications that monitor oil and gas well performance and mining equipment, as well as supply chain solutions for mining. Matrikon’s cyber-security and alarm management solutions also align with Honeywell’s solutions for process safety and security.