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ALLIEDSIGNAL INC.
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European Commission Enters Phase II Review of
Proposed Merger of AlliedSignal and Honeywell
Company Contacts:
Tim Crane
(973) 455-4732
Melissa Young
Honeywell Inc.
(612) 951-0773
MORRIS TOWNSHIP, New Jersey, and MINNEAPOLIS, Minnesota, August 30, 1999 -
AlliedSignal Inc. [NYSE:ALD] and Honeywell Inc. [NYSE:HON] said today that
the European Commission is entering a Phase II review of the companies'
proposed merger.
The Phase II review is a common part of the Commission's merger-review
process. It is similar to a Hart-Scott-Rodino Act Request for Additional
Information from the U.S. Department of Justice or the U.S. Federal Trade
Commission when reviewing mergers.
The companies said the Commission's review continues to focus on limited
areas of the companies' respective aerospace businesses, adding that they
do not anticipate any areas outside of their aerospace businesses will be
affected.
The companies said they are continuing to work with the Commission and
expect to complete the review in time to close the merger in the fall of
this year.
AlliedSignal Inc. is an advanced technology and manufacturing company
serving customers worldwide with aerospace products and services,
automotive products, chemicals, fibers, plastics and advanced materials. It
is one of the 30 stocks that make up the Dow Jones Industrial Average and
is also a component of the Standard & Poor's 500 Index. The company employs
70,400 people in some 40 countries. Additional information on the company
is available on the World Wide Web at http://www.alliedsignal.com.
Honeywell is the world's leading provider of control technologies for
buildlings, homes, industry, space and aviation. The company employs 57,000
people in 95 countries and had 1998 sales of $8.4 billion. Additional
information is available at http://www.honeywell.com.
This release contains forward-looking statements as defined in
Section 21E of the Securities Exchange Act of 1934, including
statements about future business operations, financial
performance and market conditions. Such forward-looking
statements involve risk and uncertainites inherent in business
forecasts.
