Honeywell has agreed to acquire Compressor Controls Corporation (CCC) from Indicor for $670 million. CCC is a provider of turbomachinery control and optimization systems, including control hardware, software and services.
The two companies have worked together for more than two decades. As an example of this existing partnership, CCC’s Inside turbomachinery control applications are designed to integrate with Honeywell’s Experion C300 controllers and Operator Station.
The acquisition of CCC will be integrated into Honeywell's Process Solutions business to “strengthen Honeywell's leadership in industrial control, automation and process solutions, enabling customers to accelerate their energy transition,” says Honeywell. The acquisition also bolsters Honeywell's high growth sustainability portfolio with new carbon capture control solutions, where the same turbomachinery is used to achieve effective removal of CO2 from process plant emissions, and even from the Earth's atmosphere.
Honeywell says that, by adding CCC's proprietary performance analytics, optimization algorithms and predictive health analysis to Honeywell's existing Forge Performance+ offering, users will be able to maximize production uptime and minimize maintenance spend through its Asset Performance Management (APM) capability built on a cloud-native architecture. According to Honeywell, the “combination of the companies’ existing offerings will provide the most complete end-to-end portfolio of products for operational control, safety and asset performance management of compressors, turbines, generators and other turbomachinery in the LNG, gas processing, refining and petrochemical segments.”
CCC is headquartered in Des Moines, Iowa, with offices located in major oil and gas production regions. It employs approximately 280 people.
The transaction is expected to close in the second half of 2023, subject to customary closing conditions, including receipt of certain regulatory approvals.
