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Author: kcirtip Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 531  
Subject: Honeywell Sells Performance Fibers Business Date: 11/4/2004 11:31 AM
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Press Release Source: Honeywell Specialty Materials

Honeywell Sells Performance Fibers Business to Sun Capital Partners

Thursday November 4, 8:30 am ET

MORRIS TOWNSHIP, N.J.--(BUSINESS WIRE)--Nov. 4, 2004--Honeywell (NYSE: HON) announced today that it has reached an agreement to sell its Performance Fibers business to Sun Capital Partners, Inc. The agreement is subject to customary closing conditions and the transaction is expected to be completed by the end of 2004. Financial terms were not disclosed.

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.

The Performance Fibers business is a part of Honeywell Specialty Materials and supplies high tenacity polyester fiber and other materials globally. End use applications include tire, engineered reinforcements, broad woven/narrow fabrics and rope. The business had 2003 revenues of $368 million and includes production facilities in North Carolina and France as well as joint ventures in China and Korea.

Sun Capital Partners is a leading private investment firm focused on leveraged buyouts and investments in market leading companies that can benefit from its in-house operating professionals and experience. Sun Capital affiliates have invested in more than 70 companies since its inception in 1995 with combined sales in excess of $18 billion. Sun Capital has offices in Boca Raton, Fla., Los Angeles, New York and London.

Honeywell International is a $23 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 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.
Contact:

Honeywell Specialty Materials
Peter Dalpe, 973-455-4908
peter.dalpe@honeywell.com
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