Company Completes Divestitures of Non-Core First Technology Businesses
MORRIS TOWNSHIP, N.J., -- November 3, 2006 -- Honeywell (NYSE: HON) announced today that it has reached a definitive agreement to sell First Technology Automotive and Special Products (FTAS) to Sensata Technologies B.V., a portfolio company of Bain Capital LLC, for $90 million. FTAS was acquired by Honeywell as part of its acquisition of First Technology plc earlier this year. The transaction, which is subject to regulatory review, is expected to close by the end of the fourth quarter.
FTAS designs, develops and manufactures high-value solutions in three core product categories: automotive sensors, electromechanical control devices and crash switch devices. Its products are sold to automotive OEM’s, Tier I automotive suppliers, large vehicle and off-road OEMs, and industrial manufacturers. For the year ended December 31, 2005, FTAS had sales of approximately $69 million.
“We are pleased to have divested both First Technology Safety & Analysis and FTAS within a short time frame at attractive valuations,” said Dave Cote, Honeywell Chairman and CEO. “The integration of the First Technology gas detection business continues to proceed well with synergies ahead of plan. The acquisition has been very successful for Honeywell, enabling us to establish a leading position in the fast-growing gas detection industry.”
Honeywell completed its acquisition of First Technology plc on March 24, and the sale of First Technology Safety and Analysis on May 19. First Technology’s Gas Sensing business is being integrated into Honeywell’s Life Safety business, which includes Honeywell Analytics, a world leader in gas detection technologies. Honeywell Life Safety is part of the company’s Automation and Control Solutions business.
Honeywell International is a $31 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, Chicago and Pacific Stock Exchanges. It is one of the 30 stocks that make up the Dow Jones Industrial Average and is also a component of the Standard & Poor’s 500 Index. For additional information, please visit www.honeywell.com.
This release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Forward-looking statements are based on management’s assumptions and assessments in light of past experience and trends, current conditions, expected future developments and other relevant factors. They are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by our forward-looking statements. Our forward-looking statements are also subject to risks and uncertainties, which can affect our performance in both the near- and long-term. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.