Days after gaining regulatory approval for its $1.2-billion acquisition of Norcross Safety Products from Odyssey Investment Partners, Honeywell (2007 sales: $34.6 billion) yesterday announced a deal with private equity firm Francisco Partners to acquire its majority holding in Metrologic Instruments, maker of data capture and collection hardware and software, for $720.0 million.

Metrologic designs, manufactures and sells data capture and collection equipment including barcode scanners and image processing software and reported 2007 sales of $246illion. After gaining rgulatory approval for the deal Honeywell plans to integrate Metrologic with its own  automation and control solutions business Honeywell Security.

The combined businesses will offer a broad range of solutions in the AIDC industry, with a diverse base of customers in a number of industry verticals.  The new business will serve customers in retail, healthcare, manufacturing, distribution and logistics, transportation, entertainment, and government sectors.

The parent company of Mterologic Instruments, Metrologic Holdings Corporation, is portfolio company  of the technology-focused privte equity firm Francisco Partners, which with approximately $5 billion of committed capital pursues structured investments in technology companies, targeting investments in private and public companies and their divisions, with transaction values ranging from $30 million to $3 billion.

''The acquisition of Metrologic adds to the momentum we have generated throughout our ACS business, by focusing on high-growth industries, and is consistent with our disciplined approach to acquisitions,'' said Roger Fradin, president and CEO of Honeywell ACS.  ''By building on our recent acquisition of Hand Held Products, a leading manufacturer of automatic identification and data collection (AIDC) solutions, we will be well-positioned in a $16 billion industry with double-digit growth potential driven by the increased demand for information along the global supply chain.''

According to Andrew Kowal, a principal with Francisco Partners, ''As a private company, Metrologic has been able to transform itself and improve many aspects of its business.  We have been fortunate in the opportunity to partner with Metrologic's management team to affect this transformation and support the company's continued success.''

As a leading manufacturer of advanced bar code scanners and high-speed image processing software, Metrologic incorporates a broad array of laser, holographic, vision-based, RFID and emerging technologies to create its best-in-class products and solutions.  Its imaging and scanning solutions serve a variety of retail point-of-sale, industrial, healthcare, inventory and distribution applications. Approximately 65 percent of Metrologic's business is with customers outside North America, which will extend the business' global presence.

''Metrologic is very complementary to our imaging and mobility business.  It will strengthen and expand our presence in key verticals, particularly retail, and provide Honeywell with strong laser and fixed position scanning competencies,'' said Ben Cornett, president, Honeywell Security.  ''Through its more than 500 issued and 350 plus pending patents, Metrologic will allow us to extend our position in the data capture and collection industry. We will be able to provide our customers with even more comprehensive, robust data capture and collection solutions to help them achieve their business goals.''

Honeywell International is a $37 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 and Chicago Stock Exchanges.