- Honeywell (HON +0.7%) has completed its sale of its Friction Materials business to Federal-Mogul (FDML +0.4%) with the aim of realigning its portfolio to match the company's focused industries. The deal is valued at ~$155M.
- "The sale of the Friction Materials business is a significant step in our effort to fully align the Honeywell portfolio around Great Positions in Good Industries," says Chairman and CEO Dave Cote.
- The company is also repositioning its Transportation Systems business segment with its Aerospace business segment to take advantage of the engineering and technology similarities between the two.
- The realignments will have no effect on the Company's historical consolidated financial position, results of operations, or cash flows.
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