Honeywell has reached an agreement to sell its Performance Fibers business to Sun Capital Partners. 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 what it describes as ‘Growth Platform technologies’ including fluorines, advanced fibres and composites, reagents, electronic materials and barrier solutions.
The Performance Fibers business is a part of Honeywell Specialty Materials and supplies high tenacity polyester fibre and other materials globally. End use applications include tyre, 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.