Business & GA

Honeywell To Acquire Italian PNT Company To Bolster Autonomous Capabilities – March 27

Honeywell on Wednesday said it has agreed to acquire Italy’s Civitanavi Systems S.p.A., a provider of position, navigation, and timing (PNT) technology to the aerospace, defense, and industrial markets, a deal that adds new technology to its product portfolio that will strengthen its ability to help customers for autonomous operations.

The $217 million deal is expected to close in the third quarter subject to clearing anti-trust authorities, approvals in Italy, the United Kingdom, and Canada related to foreign direct investment regulations, and the tender of at least 95 percent of Civitanavi’s outstanding shares. Honeywell said Civitanavi’s controlling shareholder, which owns 66 percent of the company, has agreed to the deal.

Civitanavi specializes in fiber optic gyro technology that currently is not part of Honeywell’s navigation product suite. Honeywell said that Civitanavi’s inertial navigation, geo-reference, and stabilization systems will complement its existing navigation and sensors business.

“By integrating Civitanavi’s inertial technologies and sensors across Honeywell’s existing commercial, military, space, and industrial platforms, our customers across the globe will now have access to a more robust portfolio of aerospace navigation solutions in support of their journey toward autonomous operations,” Jim Currier, president and CEO of Honeywell Aerospace Technologies, said in a statement.

Civitanavi had $50 million in sales in 2023.

UniCredit is Honeywell’s financial adviser on the deal.

A version of this story originally appeared in affiliate publication Defense Daily.

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