- Posted January 08, 2014
- Tweet This | Share on Facebook
Friction materials unit sold to Federal Mogul
MORRIS TOWNSHIP, N.J. (AP) -- Honeywell is selling its friction materials business to Federal Mogul Corp. for about $155 million.
The friction materials unit makes disc brake pads and braking system components for original equipment manufacturers and the aftermarket covering passenger car, light truck, commercial vehicle, railway, and other industrial applications. The deal includes two manufacturing plants in China and Romania.
Honeywell Chairman and CEO Dave Cote said in a statement that the division doesn't fit with the company's "core differentiated technologies focus" and its long-term growth plans.
The Morris Township, N.J., company said it will continue to run the Glinde, Germany-based business as usual and has no planned changes in staffing or production through the closing of the deal. The unit has more than 2,000 employees worldwide.
Federal Mogul, based in Southfield, Mich., said that the deal strengthens the manufacturing and engineering technology components of its brake business.
Honeywell International Inc. said Tuesday that the transaction is expected to produce an after-tax loss of about 4 cents per share that will be recorded in 2013's fourth quarter. The loss is not anticipated to impact the company's 2014 guidance.
The deal is targeted to close during 2014's second half.
Published: Wed, Jan 8, 2014
headlines Oakland County
- Meet the Judges
- Owner of twice-sunken Lake Michigan barge pleads guilty to felony
- Justice Dept. reaches civil settlement with victims abused by Lawrence Nassar
- Oakland County, Oakland Livingston Human Services Agency launch Oakland County Senior Chore Pilot Program
- U.S. Immigration Court judge to be keynote speaker at law school’s Law Day virtual celebration
headlines National
- New Legalese: You may have heard a deepfake, but what about ‘Twiqbal’?
- From Intake to Outcome: An in-house lawyer’s guide to matter management solutions
- 2 BigLaw firms in merger talks that could produce 1,600-lawyer firm with top 50 revenue
- Send in the paralegals
- Lawyer reprimanded after mistakenly emailing opposing counsel with plan to avoid judge’s call
- ‘I don’t play well’ judge who threatened to track down, jail misbehaving litigant gets tossed from case