Honeywell announced it has signed a definitive agreement to acquire Maxon Corp., a privately held industrial combustion controls business based in Muncie, Ind., for approximately $185 million. Maxon will become a part of Honeywell’s Environmental and Combustion Controls (ECC) business. Maxon manufactures a range of combustion burners, gas valves and engineered systems that provide industrial businesses with more energy and environmentally efficient heating solutions.
Maxon gives Honeywell broader play in process-heat applications, particularly in metals, petrochemicals, power generation and biofuels. The acquisition agreement is subject to customary closing conditions, including regulatory review.