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BRIEFLY / MANUFACTURING

Honeywell Withdraws Plan to Sell Units

November 11, 2000|Bloomberg News

Honeywell International Inc. said it withdrew a plan to sell businesses with sales of about $2.5 billion because of General Electric Co.'s proposed purchase of the company. Honeywell had planned to sell its automotive businesses, including Prestone antifreeze, and its friction materials, pharmaceutical fine chemicals and security-monitoring operations. The units accounted for about 10% of Honeywell's $24 billion in sales last year. General Electric agreed last month to buy Honeywell for about $53.3 billion in stock and assumed debt. Honeywell proposed selling the operations earlier this year to focus on its controls and aerospace businesses and to cut costs after saying profit for this year and in 2001 would be less than forecast. Shares in Morris Township, N.J.-based Honeywell closed off 31 cents at $53.38, while GE closed off 69 cents at $53.88, both on the NYSE.

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