GOLDEN VALLEY, Minn., Oct. 28 /PRNewswire-FirstCall/ -- Honeywell (NYSE: HON) announced today that it has reached a definitive agreement to sell its automotive on-board (AoB) sensor products business to Sensata Technologies (NYSE: ST), Almelo, Netherlands, for $140 million. The transaction, subject to regulatory approvals, is expected to close early in 2011.
Honeywell's AoB sensor products business has annual sales of approximately $130 million and is a component of Honeywell's Sensing and Control unit. The business manufactures a variety of sensors sold to auto manufacturers and automotive suppliers around the world. The products include cam and crankshaft, transmission, vane, vehicle pressure, position and wheel speed sensors.
"This divestiture is consistent with Sensing and Control's strategy to focus on our core segments, including industrial, medical, aerospace, test and measurement; and the broader transportation segment," said Beth Wozniak, president of Sensing and Control. "These segments present attractive, profitable growth opportunities that enable us to differentiate with technology on a global basis. The AoB products will be a great fit with Sensata, which is a major provider of sensor components to the automotive sector."
Honeywell Sensing and Control is a leading global supplier of custom-engineered, sensors, switches, machine safeguarding and other devices that offer enhanced precision, repeatability and durability to a variety of original equipment manufacturing applications across the medical, industrial, transportation, aerospace, and test and measurement segments.
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 various industries; 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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