For $1.5 billion
Reuters reported on Thursday that Japan’s Toyota Industries was competing against Honeywell for Intelligrated.
Private equity firm Permira Advisers acquired Intelligrated in 2012 for more than $500 million from Gryphon Investors, another private equity firm.
Intelligrated is expected to record sales of about $900 million this year.
This is a developing story. Fortune will update as news comes in.