Honeywell Acquires Rocky Research, Technology Leader in Power And Thermal Management

•  Acquisition significantly expands Honeywell’s capabilities within its Aerospace portfolio

PHOENIX, Oct. 07, 2020 – Honeywell (NYSE: HON) has acquired privately held Rocky Research, a Boulder City, Nevada-based technology leader specializing in thermal, energy and power management solutions. This acquisition expands Honeywell’s existing, broad portfolio, which includes power generation systems, energy storage, and power and thermal management systems. It also combines Rocky Research’s proven research and development capabilities with Honeywell’s worldwide reach and engineering integration, test and production expertise.

The acquisition of Rocky Research positions Honeywell with an advanced capability in the fast-growing power and thermal management market. The combined, differentiated capabilities of Rocky Research and Honeywell will help reduce the size, weight, power and cost of thermal and power management and hardware systems. Rocky Research will be integrated into Honeywell’s Aerospace business.

“Rocky Research is an ideal addition to Honeywell’s expanding product portfolio. 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,” said Mike Madsen, president and chief executive officer of Honeywell Aerospace. “Rocky Research will augment Honeywell’s existing technology capabilities in these areas.”

Rocky Research’s sole owner, President and CEO, Uwe Rockenfeller, will join Honeywell and continue to serve as president, Rocky Research, which will be held as a wholly owned subsidiary focused on power and thermal research and development. Rocky Research’s current location in Huntsville, Alabama, will remain a key integration and testing site, and its headquarters in Boulder City will serve as a research and development center.

“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. “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.”

Rocky Research focuses on thermal management applications complementary to Honeywell Aerospace’s existing technologies. Rocky Research has won several major contracts supporting various U.S. Department of Defense projects, including providing power and thermal management systems to one of the U.S. Army’s highest priority programs. Beyond defense applications, Rocky Research also addresses emerging Homeland Security needs, including the protection of critical infrastructure like airports, power plants and stadiums.

Honeywell’s Aerospace portfolio includes an array of related solutions, including power generation systems that provide up to 1 megawatt of continuous output, state-of-the-art cooling systems, and technologies for pointing and stabilization.

Terms of the deal were not disclosed, and there is no change to Honeywell’s third-quarter outlook as a result of the acquisition.

About Honeywell

Honeywell (www.honeywell.com) is a Fortune 100 technology company that delivers industry-specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help aircraft, buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.

This release contains certain statements that may be deemed "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.