- 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.
Honeywell to sell friction materials unit to Federal Mogul for $155M
Jan 7 2014, 09:15 ET