Long-time Muncie manufacturer sold for $185M

Maxon Corp., a Muncie company that makes burners, gas valves and other heating equipment used by industry, has signed a definitive agreement to be sold to Honeywell International for $185 million.

In a statement, Maxon President Rich Clasby said he anticipates Honeywell’s presence in developing countries to accelerate Maxon growth that had shown increasing strength in the past few years.

A report in The Star Press of Muncie quoted officials of both companies as saying no immediate changes were planned.

Honeywell is headquartered in Morris Township, N.J.

Maxon, which has 500 employees, had been owned for three years by Hammond Kennedy Whitney, a New York private equity firm with an office in Indianapolis.

An employee group sold Maxon to Hammond Kennedy. The employee group bought the company from the third generation of the Maxon family after that generation retired. It was founded in 1916 by Harry Maxon.

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