Debevoise Reps Rank Group In $950M Honeywell Deal

Law360, New York (January 28, 2011, 4:06 PM EST) -- Honeywell International Inc. will unload its automotive consumer products group to Rank Group Ltd. for nearly $1 billion, saying on Friday that the group no longer fits into its portfolio.

The New Jersey-based Honeywell is selling the group to New Zealand billionaire Graeme Hart's private investment company for $950 million.

Honeywell maintains that the consumer products group within its transportation systems unit is a “good business” — its 2010 sales were approximately $1 billion — but that the group is ill-suited for its global technologies assets....
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