Honeywell Sells Industrial Wax Operations in United States
to the International Group, Inc.
Tuesday May 31, 8:31 am ET
Sale completes divestiture of non-core industrial wax business
MORRIS TOWNSHIP, N.J., May 31 /PRNewswire-FirstCall/ -- Honeywell announced today that it has sold its industrial wax operations in the United States to The International Group, Inc. (IGI).
Under terms of the transaction, Honeywell sold its wax operations in Farmers Valley, Penn., Titusville, Penn., and Marshall, Texas, to IGI, a leader in the technology, development and manufacturing of petroleum based wax products based in Toronto, Canada. Financial terms were not disclosed.
The sale to IGI completes Honeywell's divesture of its non-core industrial wax business. In April, Honeywell sold its European and Asian operations to Paramelt BV. The transaction does not include Honeywell's Specialty Additives business, which sells A-C® performance additives, Rheochem® customized lubricants for the vinyl processing industry and Lumilux® luminescent pigments. These are part of Honeywell's Performance Products business that will be retained.
The divestiture is part of Honeywell Specialty Materials' continued execution of its plan to focus investment on select core businesses built around growth platform technologies including fluorines, advanced fibers and composites, reagents, electronic materials and barrier solutions.
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 http://www.honeywell.com .
Honeywell Specialty Materials, based in Morristown, N.J., is a global leader in providing customers with high-performance specialty materials, including fluorocarbons, specialty films and additives, advanced fibers and composites, customized research chemicals, and electronic materials and chemicals.
This release contains forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, including statements about future business operations, financial performance and market conditions. Such forward-looking statements involve risks and uncertainties inherent in business forecasts as further described in our filings under the Securities Exchange Act.
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