Honeywell to buy EMS Technologies for $506 million

(Reuters) – Diversified U.S. manufacturer Honeywell International Inc. is to buy EMS Technologies Inc for about $506 million to boost its presence in the mobile and satellite communication market.
Honeywell offered $33 a share for EMS, a wireless communications products maker, representing a premium of 33 percent to EMS’ last closing price.
In May, Reuters had reported that EMS has drawn initial interest from companies that include Comtech Telecommunications Corp and Honeywell.
Honeywell said the deal would reduce 2011 earnings by 3-4 cents a share, but would add to profit in the next fiscal year.