Honeywell Completes Sale Of Friction Business
Honeywell announced it has completed the sale of its Friction Materials (FM) business to Federal-Mogul in a cash transaction valued at approximately $155 million. The deal does not include the Bendix name or line of products or business in the United States. In addition, joint ventures that operate in Australia, Thailand, and Malaysia will be retained as will Honeywell's ownership of the non-operating sites in Conde, France, and Guangzhou, China.
Honeywell said it will also realign its Transportation Systems business segment with its Aerospace business segment to take advantage of the engineering and technology similarities and the shared business models between these two business segments. Under the realigned segment reporting structure, the company will have three business segments: Aerospace, Automation and Control Solutions and Performance Materials and Technologies.