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Honeywell and Federal-Mogul End Talks Regarding Bendix Friction Materials Business

Honeywell has ended its discussions with Federal-Mogul regarding the possible sale of Honeywell’s Bendix friction materials business. After several months of negotiations, the parties were unable to agree on the terms of a deal, said Honeywell officials. The two companies entered into a letter of intent nearly one year ago.

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MORRIS TOWNSHIP, NJ — Honeywell has ended its discussions with Federal-Mogul regarding the possible sale of Honeywell’s Bendix friction materials business. After several months of negotiations, the parties were unable to agree on the terms of a deal, said Honeywell officials. The two companies entered into a letter of intent nearly one year ago.

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“Our efforts with the automotive friction materials business are now focusing squarely on growth, serving the needs of our worldwide customers and continuing our long history as a global leader in friction materials,” said Chairman and CEO Dave Cote.

The company said the termination of discussions with Federal-Mogul will not impact the 2003 and 2004 financial guidance previously issued by the company.

To learn more about Honeywell, go to: www.honeywell.com.

For additional information about Federal-Mogul, go to: www.federalmogul.com.

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