Questor Partners Fund II, LP, and Honeywell have reached an agreement in principle for Questor to acquire Honeywell’s Friction Materials business, which supplies brake products to a wide range of transportation industries. Terms of the transaction were not disclosed.
The business, which has annual sales of approximately $1 billion, manufactures and markets disc brake pads, drum brake linings and other brake products for both original equipment manufacturers and the automotive aftermarket.
The business also distributes brake fluids and parts as well as other braking components. The brand names involved include Bendix , JURID and RoadTuff , and the products are used in passenger cars, light-, medium- and heavy-duty trucks, trailers and other transportation applications. Honeywell will retain the right to use the Bendix name in some applications outside the Friction Materials business.
The Friction Materials business is a separate business unit from the Bendix Commercial Vehicle Systems business, which will remain a part of Honeywell.
Honeywell’s Friction Materials business, headquartered in Troy, Michican, has 13 manufacturing plants and five engineering facilities, situated in nine countries. Customers include most of the world’s leading car, truck and brake manufacturers, as well as major aftermarket buying groups, automotive retailers and specialty installers.
The Friction Materials transaction is expected to be completed later this year, following regulatory review and compliance with other legal requirements in the various countries where the businesses operate.
Additional information on Questor is available on the Internet at www.questorfund.com.
Additional information on Honeywell is available on the Internet at www.honeywell.com.