Honeywell announced Monday it has sold its Friction Materials business to Federal-Mogul in a $155 million cash deal.
In addition, the Morris Township-based conglomerate has realigned its Transportation Systems business with its Aerospace business in order to better utilize the engineering and technology similarities and shared business models, it said in a news release.
As a result of these moves, the company will have three business segments:
"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," Honeywell Chairman and CEO Dave Cote said in the release. "Honeywell is a global technology leader and our Turbo business is one of our innovation crown jewels. Born out of our Aerospace business, the automotive turbocharger is a miniature jet engine. To leverage shared strengths and synergies, we will merge Transportation Systems, which includes our Turbo Technologies business, with Aerospace. We expect the transition to be seamless, with both businesses benefitting from expanded sharing of the technical expertise that enables them to offer differentiated products to customers in their respective markets."
The Federal-Mogul sale does not include the Bendix name or line of products in the United States, Honeywell said.
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