Honeywell to Acquire Intercorr International, Leader in Solving Corrosion and Materials Problems
InterCorr's Proprietary SmartCET Online Technology Can Reduce Corrosion Costs to Process Control Customers by up to 20 PercentPHOENIX, June 15, 2005 - Honeywell (NYSE:HON) announced today the signing of a definitive agreement to acquire InterCorr International, Inc., a worldwide leader in solving corrosion and materials problems. InterCorr's proprietary SmartCET* technology will be integrated with Honeywell's Experion(tm) Process Knowledge System (PKS) to provide online, real-time data that will help customers reduce maintenance costs and increase unit productivity through minimizing failures, avoiding unplanned downtime and increased run time. Financial terms were not disclosed. Closing of the transaction is subject to customary conditions and is expected to occur in July 2005. Based in Houston, InterCorr is world-renowned for its technical expertise in the petroleum, energy and transportation sectors. The company has served more than 850 clients in 32 countries over its 21 year history. The company specializes in corrosion monitoring instrumentation, testing and consulting services and predictive software and corrosion research. "Global process control industries spend an average of $50 billion a year on corrosion problems, which can hinder their abilities to operate at optimal levels," said Jack Bolick, president of Honeywell Process Solutions. "By integrating InterCorr technology with Experion PKS, we anticipate helping our customers save on corrosion detection and prevention. It has been estimated that the cost of corrosion can be reduced by up to 20 percent through the paradigm shift gained by going from offline monitoring to InterCorr's online, real-time technology." InterCorr's services include materials consulting, laboratory testing, measurement and test equipment servicing, analytical services and corrosion diagnostic and control services. Its software offerings include programs for corrosion prediction, risk assessment, materials selection and asset management. InterCorr also provides systems for process control and the detection of general, pitting and microbiologically influenced corrosion. "Corrosion has traditionally been a niche industry, partly because it has only provided off-line, historical data for general corrosion," said Lars Jorgensen, InterCorr CEO. "With the combination of InterCorr's deep corrosion knowledge, SmartCet technology, and Honeywell's vast process knowledge, we will take proactive corrosion control to a new level." "SmartCET is designed to reduce the financial burden that corrosion-related problems bring to the process industries," said Dr. Russel Kane, chief technologist and founder of InterCorr. "It provides online, real-time data that measures the corrosion rate in mils per year (mpy) and detects general and localized (pitting) corrosion conditions. Localized corrosion is responsible for approximately 70 percent to 90 percent of corrosion-related equipment failures." SmartCET gives plant operators access to current, actionable process variable information, such as the corrosion rate and pitting (localized corrosion) detection. Other parameters are available through the use of SmartCET that can be used for online corrosion diagnostics and for improved accuracy of corrosion rate data that was previously unavailable through process control systems. Integrated with Experion, SmartCET allows operators to transform raw corrosion-monitoring data into high-value process knowledge. Operators can use this information to make critical business decisions quickly and take proactive actions to optimize plant performance. As a result, plants experience several benefits, including:
Increase in plant uptime due to improved reliabilityof assets
Reduction in maintenance costs by moving fromscheduled to reliability-centered maintenance
Maximized production throughput
Improved safety and minimizing the deleteriouseffects of process upsets and excursionsExperion is Honeywell's proven automation and control system that unifies people with process, business and asset management information to help process manufacturers increase profitability and productivity. Honeywell International is a $26 billion diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. Based in Morris Township, N.J., Honeywell's shares are traded on the New York, London, Chicago and Pacific Stock Exchanges. It is one of the 30 stocks that make up the Dow Jones Industrial Average and is also a component of the Standard & Poor's 500 Index. For additional information, please visit www.honeywell.com. Honeywell Process Solutions is part of Honeywell's Automation and Control Solutions group, a global leader in providing product and service solutions that improve efficiency and profitability, support regulatory compliance, and maintain safe, comfortable environments in homes, buildings and industry. For more information about Process Solutions, access www.honeywell.com/ps.
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