Honeywell (NYSE: HON) has agreed to buy space hardware manufacturer Com Dev International for about $345 million in a push to grow Honeywell’s portfolio of satellite and connectivity technologies.
Honeywell said Thursday the purchase price is net of Com Dev’s cash and debt, and the company expects the transaction to close by the end of 2016’s first quarter.
Tim Mahoney, president and CEO of Honeywell’s aerospace segment, said the company made the acquisition to also expand its customer base and market presence globally.
The deal covers the electrical and optical components and subsystems portfolios of Com Dev.
Ontario, Canada-based Com Dev plans to spin off the company’s maritime ship tracking unit exactEarth before the deal closes.
Com Dev owns more than 250 patents and forecasts the company will generate nearly $160 million in revenue during its 2015 fiscal year.