Honeywell announced today a definitive agreement to acquire RAE Systems, Inc., a privately held manufacturer of fixed and portable gas and radiation detections systems, and software for $340 million. The purchase price translates to approximately thirteen times RAE Systems' estimated 2013 earnings before interest, taxes, depreciation and amortization (EBITDA), or approximately six times on a synergy adjusted run-rate basis integrating with Honeywell's gas portfolio. The agreement, subject to customary closing conditions, including regulatory review, is expected to close in the second quarter of 2013 and does not change Honeywell's 2013 full-year guidance.

RAE Systems, with 2012 sales of approximately $107 million, offers a full line of personal, hand-held, transportable and fixed gas, radiation and photo-ionization sensing and detection devices for the government, oil and gas, industrial and emergency response sectors for use in a wide range of personal, plant safety and regulatory compliance applications. Their products are used in more than 120 countries by many of the world's leading corporations and government agencies, as well as numerous city and state entities in the U.S.

"RAE Systems is a pioneer in the gas detection industry with unrivalled technologies," said Mark Levy, president and CEO of Honeywell Life Safety. "Their strong presence in hazardous material, first responder, and government complements our existing business very well, and their expertise in photo-ionization detection, wireless, and radiation detection represent terrific opportunities to expand our reach. RAE Systems' geographic, manufacturing and distribution footprint, especially in high-growth countries like China, will help to make our already-strong gas detection portfolio an even greater global franchise in a very good industry. RAE Systems is a very compelling strategic fit for Honeywell."

RAE Systems, founded in 1991 and based in San Jose, California, has approximately 750 employees and will be integrated into Honeywell Analytics, part of Honeywell Life Safety (HLS) within Honeywell Automation and Control Solutions (ACS).

KBR HAS announced it was selected by a major supplier of agricultural products to perform turnaround services for their ammonia furnace revamp and expansion project in Borger, Texas.

KBR will provide turnaround construction and project management services for the shutdown, maintenance and retubing of the ammonia furnace scheduled to take place in August 2013. The plant turnaround services are expected to increase efficiencies and extend the operational life of the KBR-designed furnace.

“This award introduces KBR’s Specialty Fields Services into the ammonia furnace revamp business,” said Ivor Harrington, Group President, KBR Services. “We see strong growth opportunity in this area of turnaround execution capabilities and are committed to expanding our foothold in the ammonia industry.”

Technip, leader of a 50/50 consortium with Techint, has been awarded by PNBV(1) a substantial(2) contract for the topside construction and integration, the commissioning and start up assistance of the P-76 floating production storage and offloading (FPSO) unit. Located in the Santos Basin pre-salt area offshore Rio de Janeiro, Brazil, this unit will produce 180,000 barrels of oil and 7 million cubic meters per day of gas.

Technip’s operating center in Rio de Janeiro will perform the project management, engineering and procurement. The 24,000-ton modules fabrication, integration and commissioning will be performed in Techint’s yard, in the South of Brazil. The project is scheduled to be completed by mid-2017.

José Jorge Araújo, Technip’s Senior Vice President Onshore Latin America and Offshore Brazil, declared: “We are delighted to have the opportunity to keep working with Petrobras. This contract strengthens furthermore our presence in the burgeoning Brazilian offshore pre-salt market, where our leading-edge position enables us to meet its high standards and requirements. We fully expect that our partnership with Techint will be a key to the success of the P-76 FPSO. Moreover, this project will contribute to the local economy as it will require approximately 70% of Brazilian local content.”

KBR has announced it has been awarded a three-year agreement to provide turnaround services for Suncor Energy’s refinery in Edmonton, AB, Canada. KBR will assist with turnaround planning review, maintenance, pipe fabrication and long-term execution plans for the Suncor Edmonton refinery.

“We are pleased to have been selected by Suncor and look forward to building on our long-standing relationship as we work toward the successful completion of this project,” said Karl Roberts, Senior Vice President, KBR Canada.