MORRIS TOWNSHIP, N.J.--Honeywell announced this week a definitive agreement to buy Metrologic Instruments, a manufacturer of barcode-related data capture and collection hardware and software. The $720 million acquisition will be integrated into Honeywell Security, part of Honeywell's Automation and Control Solutions business, and build on Honeywell's recent acquisition of Hand Held Products as it positions itself in the $16 billion automatic identification and data collection market.

Based in Blackwood, N.J., Metrologic sells laser and imaging bar code scanners, including high-performance linear and omnidirectional laser scanners, fixed position and in-counter scanners, and other products in 110 countries, and is currently owned by Francisco Partners, a private equity firm. The company took in $246 million in 2007.

"The acquisition of Metrologic adds to the momentum we have generated throughout our ACS business, by focusing on high-growth industries, and is consistent with our disciplined approach to acquisitions," said Roger Fradin, president and CEO of Honeywell ACS, in a prepared statement. "We will be well-positioned in a $16 billion industry with double-digit growth potential driven by the increased demand for information along the global supply chain."