Exhibit 99.1
HONEYWELL PLANS TO SELL AUTOMOTIVE CONSUMER PRODUCTS GROUP
INCLUDING PRESTONE, FRAM, AUTOLITE, AND HOLTS BRANDS
COMPANY CONTINUES PLAN TO DIVEST NON-CORE BUSINESSES
MORRIS TOWNSHIP, New Jersey, August 24, 2000 - Honeywell
[NYSE:HON] today announced it has retained Salomon Smith Barney
to assist the company in finding a buyer for its Consumer
Products Group (CPG) business unit, a manufacturer and marketer
of consumer products for the automotive industry.
"As promised, we are moving swiftly to focus our resources
and reconfigure our portfolio to maximize its potential, while
increasing the value-creation capabilities of our strong core
businesses," said Michael R. Bonsignore, Honeywell's Chairman
and CEO. "With its leading brands, strong financial
performance, world-class product development capabilities, and
outstanding employees, we expect that CPG will be very
attractive to potential buyers with a long-term commitment to
the automotive marketplace."
Honeywell's Consumer Products Group is comprised of four
major business enterprises: Prestone, FRAM, Autolite, and Holts.
It manufactures and markets consumer-branded automotive products
for the aftermarket, as well as for automotive original
equipment manufacturers and installers. A leader in automotive
product research, development, engineering, and manufacturing
technology, it is a world leader in branded filters, spark plugs
and car care products. Each of these four major brands is over
60 years old.
Prestone, perhaps best known as the leading brand of
antifreeze/coolant sold in America, also includes about 100 car
care products, such as the Jump It!, portable jump starter and
power source and a line of premium fuel additives. FRAM is a
leading global brand of oil, air, fuel and other filters for a
variety of applications in gasoline- and diesel-powered
vehicles. Autolite is one of North America's largest producers
of spark plugs, offering a complete line of standard plugs,
premium platinum plugs and ignition wire sets. Holt Lloyd is
a leading European and Asian automotive aftermarket supplier of
car care products sold under the Holts, Redex, Simoniz, and
Start Pilote, brand names.
"This transaction will enable CPG's great brands to work
for a buyer who is eager to invest or expand in the huge
consumable automotive aftermarket," said David E. Berges,
President, Consumer Products Group.
Approximately 4,400 employees work for Honeywell's Consumer
Products Group, which is headquartered in Danbury, Connecticut,
and has 17 manufacturing locations around the world. In 1999,
CPG generated about $1.1 billion in net sales up 6% from the
prior year.
Honeywell is a US$24-billion diversified technology and
manufacturing leader, serving customers worldwide with aerospace
products and services; control technologies for buildings, homes
and industry; automotive products; power generation systems;
specialty chemicals; fibers; plastics; and electronic and
advanced materials. The company is a leading provider of
software and solutions, and Internet e-hubs including
MyPlant.com, MyFacilities.com and MyAircraft.com (joint venture
with United Technologies and i2 Technologies). Honeywell
employs approximately 120,000 people in 95 countries and is
traded on the New York Stock Exchange under the symbol HON, as
well as on the London, Chicago and Pacific stock exchanges. 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. Additional information on the company is available on
the Internet at 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 risks and uncertainties inherent in business
forecasts.
