HONEYWELL SELLS PERFORMANCE FIBERS BUSINESS TO SUN CAPITAL PARTNERS

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HONEYWELL SELLS PERFORMANCE FIBERS BUSINESS TO SUN CAPITAL PARTNERS
04 November 2004 - Honeywell Specialty Materials

Honeywell has announced that it has reached an agreement to sell its Performance Fibers business to Sun Capital Partners Inc.

The agreement is subject to customary closing conditions and the transaction is expected to be completed by the end of 2004. Financial terms were not disclosed.

The divestment is part of Honeywell Specialty Materials' continued execution of its plan to focus investment on select core businesses built around Growth Platform technologies including fluorines, advanced fibres and composites, reagents, electronic materials and barrier solutions.

The Performance Fibers business is a part of Honeywell Specialty Materials and supplies high tenacity polyester fibre and other materials globally. End-use applications include tyre, engineered reinforcements, broad woven/narrow fabrics and rope. The business had 2003 revenues of US$368 million and includes production facilities in North Carolina and France as well as joint ventures in China and Korea.

Sun Capital Partners is a leading private investment firm that focuses on leveraged buyouts and investments in market leading companies that can benefit from its in-house operating professionals and experience. Sun Capital affiliates have invested in more than 70 companies since its inception in 1995 with combined sales in excess of US$18 billion. Sun Capital has offices in Boca Raton, Florida, Los Angeles, New York, in the USA, and London, UK.

http://www.honeywell.com

About: Honeywell Specialty Materials
Specialty Materials, a US$3.2-billion dollar strategic business group of Honeywell, is a world leader in high-performance speciality materials such as fluorocarbons, speciality films, advanced fibres, customized research chemicals and intermediates. It is also one of the top five providers of materials and solutions to the semiconductor industry, and a major producer of nylon 6 in North America.

Based in Morristown, New Jersey, the business has approximately 10 000 employees and 45 manufacturing and sales facilities. The business serves diverse market segments including automotive, healthcare, agricultural, electronic and food packaging, polymers and plastics, personal care, air conditioning and refrigeration, security coding, lubricants, paper and packaging, semiconductor, paints and coatings, commercial and residential carpet, as well as body and vehicle protection.

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