Honeywell Reaches Agreement to Sell Indalex Aluminum Solutions to Sun Capital Partners; Transaction in Line With Company Expectations
Posted on: Monday, 19 September 2005, 09:00 CDT
Honeywell (NYSE: HON) announced today that it has reached a definitive agreement to sell Indalex Aluminum Solutions (IAS) to an affiliate of private investment firm Sun Capital Partners, Inc. for $425 million in cash plus the assumption of pension and other liabilities. The transaction, which is subject to regulatory review, is expected to close in the fourth quarter of 2005.
"IAS is the second largest aluminum extruder in North America," said Dave Cote, Honeywell Chairman and CEO. "While it's a good business, it does not fit with our portfolio. The timing, strategy and value of the transaction are in line with our previously stated expectations. We are pleased to be moving forward as planned with the first of the non-core Novar divestitures."
IAS was part of Novar plc, which Honeywell acquired earlier this year. Novar's three businesses included IAS, Intelligent Building Systems (IBS), and Security Printing Services (SPS). At the time of the acquisition, Honeywell announced that it would divest IAS and SPS within a year. Honeywell is successfully integrating the IBS business into its Automation and Control Solutions (ACS) business and is continuing the process to divest SPS.
Honeywell International is a $26 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.
Source: Business Wire
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