Honeywell [HON] on Wednesday said it has acquired Rocky Research, a company specializing in thermal, energy, and power management solutions for the defense and commercial markets.
Terms of the deal were not disclosed. Rocky Research, which has about 50 employees and is based in Nevada, will be integrated into Honeywell’s Aerospace business.
Honeywell said the acquisition gives it an advanced capability in the fast-growing power and thermal management market. In the defense space, Rocky Research’s products include containerized ice making machines, rugged environmental control units, intelligent thermostats, variable speed drives for motors aboard Naval vessels, and more.
“Rocky Research is an ideal addition to Honeywell’s expanding product portfolio,” Mike Madsen, president and CEO of Honeywell Aerospace, said in a statement. “Effective cooling systems optimized for size, weight and power are critical to meet the growing need for aircraft electrification, unmanned and autonomous aerial vehicles, and related systems. Rocky Research will augment Honeywell’s existing technology capabilities in these areas.”
Rocky Research’s headquarters in Boulder City, Nev., will serve as a research and development center and its facility in Huntsville, Ala., will remain an integration and testing site.
Uwe Rockenfeller, owner, president and CEO of Rocky Research, will continue to lead the company, which will operate as a subsidiary of Honeywell focused on power and thermal research and development.
“Honeywell and Rocky Research are a highly complementary match, fortifying Rocky Research’s technology with Honeywell’s world-class supply chain and manufacturing resources to meet growing demands for this technology,” Rockenfeller said in a statement. “As a combined business, we will be able to provide our customer base with a full range of solutions, from prototyping and demonstration to complete product delivery and support.”
A “strong majority” of Rocky Research’s business is defense, a Honeywell spokesman told Defense Daily. Honeywell said that Rocky Research is also addressing emerging homeland security needs in the areas of critical infrastructure protection.
Honeywell said the deal doesn’t impact the outlook for its third quarter financial results.
Houlihan Lokey served as Rocky Research’s financial advisor on the deal and Ernst & Young advised Honeywell.