6/26/19 Honeywell buying TruTrak, merging it with BendixKing is Deal of the Week - Albuquerque Business First
The skinny
The numbers
Terms of the deal were not immediately disclosed. These businesses are parts of a big machine: International defense and aerospace conglomerate Honeywell reported $9.2 billion in sales during the second quarter, a 15 percent decrease year over year.
The details
BendixKing provides aviation electronics and support, while Arkansas-based TruTrak develops autopilot systems for experimental and light-sport aircraft. TruTrak CEO Andrew Barker will join BendixKing's executive staff to oversee the adoption of TruTrak's technology. TruTrak engineers will also join BendixKing, based at 9201 San Mateo Blvd., according to a release. Barker was unavailable for comment beyond confirming the deal.
"Adding TruTrak to the BendixKing family will attract new talent, foster collaboration and help us identify new ways to bring value to our customers," said Honeywell Aerospace President of Electronic Systems Carl Esposito in a prepared statement.
Why it's significant
My ears always perk up when we hear of an aerospace company growing its operations in Albuquerque. When we posted a roundup of aerospace companies hiring locally, we learned the average annual wage of a local aerospace engineer was $115,300 in May 2017. Having more of those jobs in Albuquerque could give skilled professionals more career options and bring more dollars into the local economy. That said, no deal is guaranteed to yield growth — some bring job cuts — so we'll follow closely how this deal plays out, as we do with them all.
What else Honeywell's up to
New Jersey-based Honeywell (which is in the process of moving its headquarters to Charlotte) has multiple divisions working in Albuquerque, and some of its operations are shrinking while others grow. In November, Honeywell Aerospace announced it would pull out of town, potentially leaving hundreds jobless. Honeywell spokesman Scott Sayres said then that BendixKing, which reportedly employed about 100 at the time and shares a facility with Honeywell Aerospace, would not be affected by its departure. Meanwhile, earlier this month, Missouri's Honeywell Federal Manufacturing & Technologies confirmed plans to add around 50 technical positions for its local operations.