Honeywell to Buy Westinghouse Security
Honeywell Inc. agreed to buy Westinghouse Security Electronics Inc., a subsidiary of CBS Corp., for an undisclosed sum, as Honeywell moves to boost sales of its security system controls and CBS focuses on its media and entertainment businesses. The acquisition would give Minneapolis-based Honeywell more products to sell and a larger customer base. Westinghouse Security would become part of Honeywell’s home and building controls unit, which makes controls for heating, ventilation, humidifying, air-conditioning and security systems. Santa Clara-based Westinghouse Security has 150 employees. In New York Stock Exchange Trading, Honeywell’s shares fell 69 cents to close at $84.38; CBS declined 81 cents to close at $35.38.