Honeywell to sell friction materials unit to Federal Mogul for $155M

Honeywell (HON) agrees to sell its friction materials business unit, including two plants in China and Romania, to Federal-Mogul's (FDML) European business for ~ $155M.

HON says the business doesn't fit with its differentiated technologies focus and long-term growth plans; it expects the deal to generate an after tax loss of ~$0.04/share, which will be recognized in Q4 2013, but the loss is not expected to affect its Q4 or FY 2014 financial outlook.

FDML says it expects to combine the two brake businesses to realize significant synergies in all elements of its business.

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