Honeywell sells wax assets

announced today that it has sold its industrial wax operations in Asia and Europe to Netherlands-based

, a European specialty wax producer. Financial terms were not disclosed.

Under the terms of the transaction, Honeywell sold its wax operations in Eupen, Belgium and Suzhou, China to Paramelt. The two operations had 2004 aggregate revenues of $47.5 million. The transaction with Paramelt did not include any of Honeywell's industrial wax facilities in the United States.

Honeywell says 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 fluourines, advanced fibres and composites, reagents, electronic materials and barrier solutions.’ The company added that also intends to divest its US-based industrial wax operations.

Honeywell Specialty Materials does not intend to divest its Specialty Additives business, which sells A-C performance additives, Rheochem customised lubricants for the vinyl processing industry and Lumilux luminescent pigments as these form part of the company's Performance Products business.