..:: India Strategic ::. Space: Honeywell to Acquire COM DEV International’s Satellite Equipment Business

British Prime Minister David Cameron resigns | Theresa May takes over as new UK PM | May becomes second British woman PM after Margaret Thatcher | Cameron announced resignation following Brexit, a referendum for UK's exit from EU June 23 | International Tribunal demolishes China's claims over South China Sea | Permanent Court of Arbitration at The Hague says China has no legal basis to claim regional waters and build islets | The Tribunal also held China guilty of damaging coral reefs and natural environment | China has border maritime problems with all its neighbours | China rejected the decision, saying it is invalid and has no binding force | India, Tanzania agree to deepen overall defence and security partnership, especially in the maritime domain | Both nations agreed to work closely, bilaterally, regionally and globally to combat twin threats of terrorism, climate change | Prime Minister visiting Tanzania in the last leg of his visit to 4 African nations July 7-11 | Boeing, Mahindra Defence open C-17 Training Centre for IAF | Terrorism is the gravest security threat facing the world today, says PM Modi during Mozambique visit | Terrorism impacts India and Mozambique equally | NASA spacecraft Juno reaches Jupiter | Juno crossed violent radiation and flew 130,000 miles/hour | Jupiter is the largest planet in our solar system | Juno should be in Jpiter orbit for 20 months to send data | The $1.1 billion Juno mission took five years to reach Jupiter | LCA 'Tejas' joins Indian Air Force | Tejas is an indigenously-built Light Combat Aircraft | The single-seat, single-engine, multi-role light fighter is designed by ADA and manufactured by HAL | India test-fires new surface-to-air missile from a defence base in Balasore off Odisha coast | The new missile is jointly developed by India and Israel | Abdul Majeed Al Khoori appointed Acting CEO of the Abu Dhabi Airports | Eng. Mohamed Mubarak Al Mazrouei becomes Advisor to the Abu Dhabi Airports Chairman | Defence Minister Manohar Parrikar hands over 'Varunastra' to Indian Navy | Varunastra is an advanced heavyweight anti-submarine torpedo | It is indigenously designed, developed and manufactured by DRDO | India officially joins Missile Technology Control Regime | With this India becomes 35th member of the MTCR | Indian Foreign Secretary S Jaishankar signed the document of accession into MTCR in Seoul June 27 | The document was signed in presence of Ambassadors of France, the Netherlands and Luxembourg - the Chair and two co-chairs of the Regime | India had applied for the membership in 2015 | India finalises deal for 145 BAE Systems M777 artillery guns | This is Indian Army's first artillery deal in 30 years | Britain votes to leave EU, Pound crashes | 52 per cent voted Leave and 48 Remain in historic referendum | British Prime Minister David Cameron announces to resign before October over UK's exit | Leave process will take about two years though | Markets hit worldwide, including in India | China scuttles India's NSG bid | India joins SCO | India, apart from Pakistan, was admitted as full member of SCO during its Ufa Summit in July 2015 | After completing certain procedures, India now technically entered into SCO | India had an observer status for past 10 years prior to entering into six member regional bloc | No consensus on India's membership in NSG | China and five other countries oppose India's entry as New Delhi has not signed NPT | China insists Pakistan must also enter NSG if India's application is accepted | Pakistan is China's only military ally and is also known as a nuclear, missile and terror proliferator (NMTP) | Indian Space Agency ISRO successfully launches 20 satellites in one rocket | This is the biggest launch in ISRO's history | The satellites were launched onboard PSLV C-34 from SDSC (SHAR) Sriharikota | PSLV C-34 was carrying 17 satellites from US, Canada, Germany, Indonesia and 3 from India | Government of India approves 100% FDI in defence and civil aviation sectors | In defence, foreign investment beyond 49% (and up to 100%) permitted through the government approval route | This is in cases of access to modern technology in the country | For aviation, the government allowed 100% FDI in India-based airlines | The decision on FDI reforms taken at a high-level meeting chaired by Prime Minister Modi | India confident of getting into NSG, says External Affairs Minister Sushma Swaraj | India is working with China to win support | India will not oppose any country's membership proposal, EAM told a news conference |

Home

Editorial

Honeywell to Acquire COM DEV International’s Satellite Equipment Business

Published: November 2015

Phoenix. Honeywell has signed a definitive agreement to acquire Ontario, Canada-based COM DEV International, a leading satellite and space components provider for an aggregate purchase price of approximately C$455 million ($345 million), net of cash and debt acquired, a Honeywell press statement said November 9.

COM DEV’s estimated 2015 revenue is approximately C$210 million ($160 million). On an adjusted basis, the purchase price translates to approximately 10 times COM DEV’S estimated 2015 earnings before interest, tax, depreciation and amortisation (EBITDA).

Honeywell is acquiring COM DEV’s electrical and optical components and subsystems equipment businesses. COM DEV will simultaneously spin-off its exactEarth subsidiary to current shareholders prior to closing. The acquisition of COM DEV will create significant value to Honeywell shareholders as the transaction will be principally funded with non-US cash, and drive deal returns consistent with Honeywell’s acquisition framework. Pending Government and shareholder approvals, the acquisition is expected to close by the end of the first quarter in 2016.

“COM DEV is a terrific fit for Honeywell, growing our existing space and connectivity businesses and expanding our global reach to new international customers,” said Honeywell Aerospace President and CEO, Tim Mahoney. “COM DEV’s differentiated technologies and strong position in the growing connectivity industry make the company an attractive addition to our business. We are equally excited about what we can bring to COM DEV, specifically our broad product portfolio, deep industry expertise and relationships, global sales force and brand, and our proven Honeywell Operating System. We are confident that all of our key processes and initiatives will be immediate differentiators for COM DEV.”

Found on more than 950 spacecraft and 80 per cent of all commercial communication satellites, COM DEV’s equipment business complements and expands Honeywell’s space product portfolio, its major push into connectivity and boosts the company’s presence internationally.

The acquisition is aligned with Honeywell’s strategy of acquiring business that have Great Positions in Good Industries. COM DEV’s equipment business provides Honeywell with a broader offering to customers launching satellite payloads with demand that in total is growing at mid to high single digit, and near double-digits with certain customers and businesses, and enables further expansion into emerging low orbit and small satellite constellations. COM DEV also provides Honeywell’s space business new, differentiated products including commercial grade, high performance switches and associated equipment.

“Like Honeywell, COM DEV has a deep heritage in space and a flawless track record in delivering mission success to its customers,” continued Mahoney. “Together our experienced teams and proven technologies will strengthen our international positions and provide satellite, space probes and constellation developers an efficient and cost-effective partner to solve their most difficult challenges.”

COM DEV holds over 250 patents and employs approximately 1250 people with facilities in Canada, China, India, the United Kingdom and the United States. Upon closing, COM DEV will be part of the company’s Defense and Space business and grow Honeywell’s connectivity initiatives across the division’s Air Transport, Business Aviation and Helicopter customers.