Honeywell sells off it's car care business (Fram, Autolite & Prestone) to Auckland NZ company.
Saturday, January 29, 2011
Honeywell selling plant in Fostoria
Oiler's Lube Express - Findlay
Honeywell International announced Friday it is selling its automotive Consumer Products Group, which includes Fostoria's Autolite spark plug plant.
The plant, once a major Fostoria employer, reportedly has fewer than 100 workers now.
Honeywell said Rank Group
, a private investment company, will acquire the automotive Consumer Products Group business in a cash transaction valued at about $950 million.
The transaction is expected to close in the third quarter, the company said.
The Consumer Products Group business, headquartered in Danbury, Conn., has more than 2,000 employees and includes four consumer automotive brands: FRAM filters, Prestone antifreeze, Autolite spark plugs, and Holts car care products.
The business had 2010 sales of about $1 billion.
Rank Group is a New Zealand-based private company that invests in a variety of industries, including Reynolds Group Holdings, one of the largest packaging companies in the world.
Honeywell is headquartered in Morristown, N.J.
In 2007, the Fostoria plant at 1600 N. Union St. was reported to have 650 workers, but employment fell as production work was moved to a factory in Mexico.
By April 2010, the Fostoria factory was reported to have 109 employees, and plant workers say that number has decreased since then.
Honeywell sales off it's car care business (Fram, Autolite & Prestone) to Auckland NZ company.
Stockholders must like that – stock Honeywell (HON – NYSE) has gone up – was 53 Jan, now 61.
Notice the upward trend for HON since Sept.
HON: Summary for Honeywell International Inc. Co- Yahoo! Finance