Honeywell announced December 20 that it has completed the sale of First Technology Automotive and Special Products (FTAS) to Sensata Technologies B.V., a portfolio company of Bain Capital LLC, for $90 million. FTAS designs, develops and manufactures high-value solutions in three core product categories: automotive sensors, electromechanical control devices and crash switch devices.
"We are pleased to have completed the divestiture of both non-core First Technology businesses in 2006," said Honeywell chairman and CEO Dave Cote. "With the sale of FTAS today and First Technology Safety and Analysis earlier this year, we have finalized acquisition of the First Technology Gas Sensing business at an attractive valuation in an industry with great growth prospects. We continue to execute on integrating the business into Honeywell Analytics and establishing our position as a world leader in gas detection technologies."
FTAS was acquired by Honeywell as part of its acquisition of First Technology plc earlier this year. Honeywell completed its acquisition of First Technology plc on March 24, and the sale of First Technology Safety and Analysis on May 19.
Honeywell International is a $31 billion diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials.
