Charlotte-based Honeywell just announced plans to buy out Compressor Controls Corp. (CCC) for $670 million in cash that could revolutionize carbon capture in the oil and gas industry globally.
Based in Des Moines, Iowa, CCC specializes in providing turbomachinery control and optimization, particularly in the oil and gas industry, serving sectors such as liquefied natural gas, gas processing, refining, and petrochemicals. The company was founded in 1974 and currently employs around 280 people.
Honeywell’s acquisition of CCC is expected to completely transform its Process Solutions business, which focuses on industrial control, automation, and process solutions. This move will enable Honeywell to offer transformational tech to their oil and gas industry clients around the world.
“Compressor Control Corporation is an ideal complement to our process solutions portfolio, as it brings an installed base of greater than 14,000 control applications to our portfolio and will enable us to accelerate growth in combination with Forge’s industry leading APM capability,” said Honeywell CEO Lucian Boldea in a press release. “By enhancing our digitalization portfolio, we are helping customers accelerate their energy transitions through new controls and automation that, for example, can help with carbon capture and sequestration.”
Honeywell is a Fortune 100 company that moved their entire headquarters to Charlotte back in 2018, along with their 700 employees with average salaries of $348,000.