Honeywell selling friction materials unit to Federal-Mogul
Citing an ill-fit with the company’s focus and long-term strategy, Honeywell announced Tuesday that it has reached an agreement to sell its Friction Materials business unit to Federal-Mogul Corporation for approximately $155 million.
Honeywell will continue to operate its friction business as usual with no planned changes in staffing, or production through the closing of the transaction, which is expected to occur in the second half of this year.
“Smart investment decisions over the past few years have significantly improved the competitive position of Friction Materials faster than we originally planned,” says Honeywell Chairman and Chief Executive Officer Dave Cote. “While the business is much stronger today, it does not fit with Honeywell’s core differentiated technologies focus and long-term growth plans.”