Honeywell Sells Engineering Plastics Unit

 

News Release - January 19, 2003

Mergers And Acquisitions

 

Honeywell Sells Engineering Plastics Unit: Honeywell International Inc. said Jan. 14 that it will sell its engineering plastics business to Germany's BASF AG and acquire BASF's nylon fiber business.

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The Morris Township, N.J.-based Honeywell said it will receive $170 million in cash and all of BASF's nylon fiber business at closing. Additionally, Honeywell will pay $80 million to BASF within one year of the transaction's close. Honeywell said the transactions were part of a planned restructuring of its specialty materials business unit.


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Source: Business Wire

 

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