August 29, 1999 |
What's the secret to keeping a company vital and successful year after year, decade after decade? Adaptability and resilience, qualities defined by Honeywell and AlliedSignal, two diversified manufacturing giants that are in the process of merging. Wall Street is agog over the companies and the merger, on which shareholders will vote Wednesday. Since the deal was announced June 2, investors have added more than $3 billion to the market value of AlliedSignal and a comparable amount to Honeywell.
June 8, 1999 |
AlliedSignal Inc., the largest maker of flight safety systems, and Honeywell Inc., the largest maker of automated controls, have set an aggressive six-month timetable to merge their operations into a $24-billion industrial giant that makes everything from aircraft landing systems to home thermostats. Honeywell, as the combined company would be called, also is gearing up for more acquisitions in areas as diverse as security access systems and pharmaceutical chemicals.
June 7, 1999 |
AlliedSignal Inc., the No. 1 seller of flight-safety systems, has agreed to buy Honeywell Inc. for $13.8 billion in stock to expand its aerospace business and diversify, a person familiar with the situation said Sunday. AlliedSignal would swap 1.875 share for each share of Honeywell, the world's largest maker of automated controls. AlliedSignal also would assume $1.5 billion in debt. The exchange values Honeywell at $109.
June 5, 1999 |
AlliedSignal Inc. overcharged the military for components bought since 1996--in one instance by more than 200%--because it used flawed pricing data, according to a Pentagon audit. Poor negotiating by the Pentagon also was to blame, according to the draft report by the Pentagon's Inspector General, a copy of which was obtained by Bloomberg News. In all, the military overpaid by $4.9 million, or 18%, what was "fair and reasonable" for $32.
December 10, 1998 |
A federal jury ordered Honeywell Inc. on Wednesday to pay $250 million in damages to Litton Industries Inc. for monopolizing the market in laser gyroscopes used aboard commercial aircraft. If the verdict stands, those damages would triple to $750 million in accord with U.S. antitrust law. The jurors' decision was a stunning victory for Litton, exceeding by $16 million a previous award to the Woodland Hills-based company that was thrown out by the presiding judge in the case two years ago.
July 7, 1998 |
Thousand Oaks-based Amgen Inc. is among 15 stocks Salomon Smith Barney Inc. is betting on to be attractive investments in the coming year. The latest edition of Salomon's "Ten+ Exceptional Names," an annually revised portfolio of stocks, is based on the recommendations of the firm's industry analysts. Last year's list gained 31% through the 12 months ended June 30, beating the 28% price gain for the Standard & Poor's 500-stock index over the same period.
April 9, 1998 |
A federal appeals court sent back to U.S. District Court a $1.2-billion jury verdict awarded to Litton Industries Inc. in its long-running patent fight with Honeywell Inc. A federal appeals court remanded the case to a trial judge after ruling for Honeywell on some issues and for Litton on others in the complex fight over a process for making mirrors used in aircraft navigation systems.
April 7, 1998 |
Honeywell Inc. agreed to buy Westinghouse Security Electronics Inc., a subsidiary of CBS Corp., for an undisclosed sum, as Honeywell moves to boost sales of its security system controls and CBS focuses on its media and entertainment businesses. The acquisition would give Minneapolis-based Honeywell more products to sell and a larger customer base.
March 12, 1998 |
Honeywell Inc. said Wednesday that it has acquired a Simi Valley-based airfield-lighting manufacturer to bolster its share of the $12-billion market for aircraft-landing equipment. With its acquisition of closely held Hughey & Phillips Inc., the Minneapolis-based avionics giant hopes to provide "one-stop shopping" for airlines and airports looking to enhance current landing procedures with satellite tracking of aircraft, Honeywell Vice President Mike Smith said.
March 18, 1997 |
The U.S. Supreme Court told a federal appeals court to take another look at a high-stakes verdict against Honeywell Inc. in its long-running patent-infringement fight against Woodland Hills-based Litton Industries Inc. Honeywell's appeal centered on a challenge to a patent rule known as the doctrine of equivalents, which lets a patent holder get damages from competitors for products or processes that are similar, but not identical, to patented inventions.