Honeywell Completes Sale of Its Consumer Products Group Business to Rank Group Limited
Divestiture Consistent With Honeywell's Focus On High Growth, Global Technologies
MORRIS TOWNSHIP, N.J., July 29, 2011
MORRIS TOWNSHIP, N.J., July 29, 2011 /PRNewswire/ -- Honeywell (NYSE: HON) today announced it has completed the sale of its Consumer Products Group (CPG) business to Rank Group Limited in a cash transaction valued at approximately $950 million.
The CPG business includes four leading consumer automotive brands: FRAM® filters, Prestone® antifreeze, Autolite® spark plugs, and Holts® car care products. CPG had reported 2010 sales of approximately $1 billion within Honeywell's Transportation Systems segment.
Rank Group is a New Zealand-based private company which invests across a variety of industries and aims to build and grow leading global businesses, including Reynolds Group Holdings, one of the largest packaging companies in the world.
Honeywell (www.honeywell.com) is a Fortune 100 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, and Chicago Stock Exchanges. For more news and information on Honeywell, please visit www.honeywellnow.com.
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