Honeywell to buy Intermec for $600 million

Diversified US conglomerate Honeywell International Inc has agreed to buy barcode printers and radio frequency identification products maker Intermec Inc for $600 million.

Under the deal, Morris Township, New Jersey-based Honeywell, will pay $10 per share in cash or about $600 million, net of cash and debt acquired.

The price represents a premium of 25 per cent to Intermec's Friday closing stock price of $7.98.

Everett, Washington-based Intermec is a manufacturer and worldwide supplier of automated identification and data capture equipment, including barcode scanners, barcode printers, mobile computers and Radio Frequency Identification (RFID) systems.

Intermec holds more than 640 patents, or 10 per cent of the patents in RFID systems, and employs about 2,200 people in more than 65 offices around the world.

Its customers include 75 per cent of Fortune 500 companies and 70 per cent of Fortune 100 companies.