Honeywell Leads Q1 Manufacturing Acquisitions with $2.2 Billion Sundyne Deal

Deal News | Apr 16, 2025 | EIN

In the first quarter of the year, the manufacturing sector witnessed robust merger and acquisition (M&A) activity. Notable transactions included Honeywell's $2.2 billion purchase of heatpump manufacturer Sundyne, and Siemens' acquisition of Altair Engineering for $10 billion. R.L. Hulett reported that the industrial sector saw 437 deals in Q1, a 5% increase YOY. Despite a downturn in overall M&A transactions as KPMG data showed a 7% decline compared to the previous quarter, the manufacturing sector proved resilient, showcasing significant deals across electronics, medtech, food and beverage, and aerospace sectors. Investments such as Pritzker Private Capital's majority stake in Americhem and Thermo Fisher Scientific's acquisition of Solventum highlight this trend. However, experts at Nixon Peabody have cautioned that the Trump administration's tariff policies could introduce market uncertainty, potentially hindering future M&A activity.

Sectors

Manufacturing
Private Equity
Aerospace and Defense
Medtech and Pharmaceuticals
Building Materials

Geography

United States – The U.S. is a primary geographic focus, with significant deals involving U.S.-based companies like Skywater Technologies and JBT.
Global – Many acquisitions involved companies with a global presence, such as Thermo Fisher Scientific's acquisition spanning multiple regions.

Industry

Manufacturing – The primary industry involved is manufacturing, which encompasses various sectors such as electronics, chemicals, and more, as evidenced by the diverse acquisitions.
Private Equity – Several deals featured private equity firms making strategic acquisitions, such as Pritzker Private Capital's investment in Americhem.
Aerospace and Defense – Highlighted by Novaria's acquisition of Bandy Manufacturing and Mobix Labs' planned acquisition of SCP Manufacturing.
Medtech and Pharmaceuticals – Evident in Thermo Fisher Scientific's acquisition of Solventum and Jabil's acquisition of Pharmaceutics International.
Building Materials – James Hardie and Azek's merger represents significant activity within the building materials sector.

Financials

$2.2 billion – Value of Honeywell's acquisition of Sundyne.
$10 billion – Value of Siemens' acquisition of Altair Engineering.
Undisclosed – Several acquisitions including Skywater's fab and Nonantum Capital's acquisition of MSI Express were undisclosed.
$4.1 billion – Thermo Fisher Scientific's acquisition of Solventum.
$8.75 billion – James Hardie and Azek's merger deal value.

Participants

Name	Role	Type	Description
Honeywell	Acquirer	Company	Honeywell acquired Sundyne in a major Q1 manufacturing deal.
Siemens	Acquirer	Company	Siemens completed a $10 billion acquisition of Altair Engineering.
Onsemi	Acquirer	Company	Onsemi's acquisition of Qorvo's Silicon Carbide business expands its offerings.
Qorvo	Seller	Company	Qorvo sold its Silicon Carbide business to Onsemi.
Skywater Technologies	Acquirer	Company	Acquired Infineon's Austin fab, expanding U.S. manufacturing.
Infineon	Seller	Company	Sold Austin fab to Skywater Technologies.
Cohu	Acquirer	Company	Acquired AI software maker Tignis.
Nonantum Capital Partners	Acquirer	PE Firm	Private equity firm that acquired MSI Express.
JBT	Acquirer	Company	Acquired food processing company Marel.
Thermo Fisher Scientific	Acquirer	Company	Set to acquire Solventum's purification and filtration business.
Jabil	Acquirer	Company	Completed acquisition of Pharmaceutics International.
Pritzker Private Capital	Acquirer	PE Firm	Acquired majority stake in Americhem.
Novaria	Acquirer	Company	Acquired Bandy Manufacturing for aerospace components.
Mobix Labs	Acquirer	Company	Involved in acquiring SCP Manufacturing slated for Q2.
James Hardie	Merging Company	Company	Merged with The Azek Co. to enhance growth in North America.
The Azek Co.	Merging Company	Company	Merged with James Hardie to enhance growth in North America.