Honeywell announced today that it has reached an agreement to sell First Technology Automotive and Special Products (FTAS) to Sensata Technologies, a portfolio company of Bain Capital, for $90 million.
FTAS was acquired by Honeywell as part of its acquisition of First Technology earlier this year. The transaction, which is subject to regulatory review, is expected to close by the end of the fourth quarter.
FTAS designs, develops and manufactures high-value solutions in three core product categories: automotive sensors, electromechanical control devices and crash switch devices. Its products are sold to automotive OEM’s, Tier I automotive suppliers, large vehicle and off-road OEMs, and industrial manufacturers. For the year ended December 31, 2005, FTAS had sales of approximately $69m.
‘We are pleased to have divested First Technology Safety & Analysis and FTAS within a short time frame at attractive valuations,’ said Dave Cote, Honeywell Chairman and CEO. ‘The integration of the First Technology gas detection business continues to proceed well with synergies ahead of plan. The acquisition has been very successful for Honeywell, enabling us to establish a leading position in the fast-growing gas detection industry.’
Honeywell completed its acquisition of First Technology on March 24, and the sale of First Technology Safety and Analysis on May 19. First Technology’s Gas Sensing business is being integrated into Honeywell’s Life Safety business, which includes Honeywell Analytics.