Honeywell goes for high-end security biz
SYOSSET, N.Y. - Honeywell continues to expand its reach in the security market, but this time around the acquired companyÃ¢â‚¬â„¢s focus is not on traditional products, such as burglar alarms or CCTV systems.
In mid-July, Honeywell bought Vindicator Technologies, which manufactures a system that integrates and manages access control, intrusion, perimeter detection and CCTV. ItÃ¢â‚¬â„¢s a system that is primarily sold to the government, correctional facilities and the industrial market.
Ã¢â‚¬Å“WeÃ¢â‚¬â„¢re in a lot of high-end facilities,Ã¢â‚¬Â said Rick Gross, president of Vindicator Technologies, based in Austin, Texas. Ã¢â‚¬Å“We protect a lot of chemical and weapon storage facilities.Ã¢â‚¬Â
Gross said Vindicator and Honeywell have worked together for a number of years, and even competed in certain markets. Ã¢â‚¬Å“We realized we had a product solution they didnÃ¢â‚¬â„¢t have,Ã¢â‚¬Â he said. Ã¢â‚¬Å“A dialogue started and then it made sense,Ã¢â‚¬Â to combine operations.
Vindicator will be part of the Honeywell Access Systems business unit, led by John Lorenty. Terms of the transaction were not released. Vindicator is a privately held company, owned by brothers Rick and Dan Gross and outside investors.
Lorenty could not be reached for comment prior to press time.
Few changes are expected at Vindicator, given the limited overlap with Honeywell. Vindicator will maintain its Austin facility, where it manufactures some of its products, while Rick Gross and other members of management will remain onboard.
The company is expected to gain from HoneywellÃ¢â‚¬â„¢s distribution reach and financial backing, both of which are expected to contribute to VindicatorÃ¢â‚¬â„¢s 30 percent annual growth rate for seven years.
Ã¢â‚¬Å“The advantage with Honeywell is the growth potential,Ã¢â‚¬Â said Gross. Ã¢â‚¬Å“That can occur more rapidly due to increased capital and distribution.Ã¢â‚¬Â