LOUISVILLE, Ky.–(BUSINESS WIRE)–Feb. 27, 2006–Honeywell (NYSE:HON) today
announced a definitive agreement to acquire Gardiner Groupe Europe
– a leading distributor of CCTV systems, fire alarm, intrusion
alarm, access control, public address and integrated systems — from Electra
Partners Europe, a private equity firm. Honeywell anticipates completing the
transaction in the spring of 2006, subject to regulatory review. The
Paris-based Gardiner Groupe Europe reported $260 million in revenue for 2005
and will join Honeywell’s ADI International business, a distributor of
security and low voltage products in Europe. Financials terms were not
disclosed.

“The Gardiner Groupe will significantly enhance our scope in security
products distribution in Europe, where there is a substantial opportunity
for growth in Honeywell’s distribution business,” said Ben Cornett,
president of Honeywell Security. “Gardiner’s extensive European footprint
and strong customer relationships strategically complement our distribution
business in Europe. We look forward to building upon that strong
foundation.”

In February 2005, Honeywell began to expand ADI, its North American security
and low voltage products distribution business, into Europe by emulating
ADI’s highly successful model from the North American market. Upon
completion of the transaction, Honeywell’s ADI International business will
have more than 100 branch locations in 14 European countries.

“We’re excited about this agreement, because with Honeywell’s global reach
and capabilities, we’ll be able to bring new services and even greater value
to customers,” said Jean-Francois Gazielly, CEO of Gardiner Groupe Europe.

Honeywell International is a $28 billion diversified technology and
manufacturing leader, serving customers worldwide with aerospace products
and services; control technologies for buildings, homes and industry;
automotive products; turbochargers; and specialty materials. Based in Morris
Township, N.J., Honeywell’s shares are traded on the New York, London,
Chicago and Pacific Stock Exchanges. It is one of the 30 stocks that make up
the Dow Jones Industrial Average and is also a component of the Standard &
Poor’s 500 Index. For additional information, please visit
www.honeywell.com.

This release contains forward-looking statements as defined in Section 21E
of the Securities Exchange Act of 1934, including statements about future
business operations, financial performance and market conditions. Such
forward-looking statements involve risks and uncertainties inherent in
business forecasts as further described in our filings under the Securities
Exchange Act.