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Honeywell (NYSE: HON), Morris Plains, NJ, said it will acquire Germany-based warehouse automation business Transnorm from IK Investment Partners for approximately EUR 425 million (US $493 million).
The deal expands Honeywell’s warehouse automation business and will help the company build on strong growth in Europe.
Honeywell also said it has completed the spin-off of its former Transportation Systems business, Garrett Motion Inc., which will begin trading on the New York Stock Exchange October 1 under the symbol “GTX.”