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Technology / AI and automation

HONEYWELL PUTS FOUR DEFENCE BUSINESSES ON THE BLOCK

Honeywell Inc is looking for buyers of four of its defence related businesses that together employ 3,500 people and accounted for $430m of the Minneapolis company’s 1987 turnover of $6,680m. Honeywell does not consolidate turnover from its Honeywell Bull Inc affiliate, simply recording its share of any profits as dividends received. The units now on the block are Electro-Optics in Lexington, Massachusetts; Training & Control Systems in West Covina, California; Defense Communications & Production in Tampa, Florida; and Signal Analysis Center in Annapolis, Maryland, all part of Honeywell Space & Aviation Systems.

The units are expected to fetch a modest premium to the book value of between $100m and $150m, and Honeywell says it may use the proceeds to reduce debt, to invest in its Controls business, or to increase value by buying some of its shares.

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CBR Staff Writer

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