Honeywell gets FTC approval for Novar acquisition
MORRIS TOWNSHIP, N.J. - Honeywell has announced that it has received clearance from the Federal Trade Commission for its pending offer to acquire Novar plc.
In mid-December, Honeywell offered GBP 900 million ($1.7 billion) to buy the British holding company. The deal is aimed at grabbing hold of NovarÃ¢â‚¬â„¢s Intelligent Business Systems unit, which provides security, fire protection and building controls and contributed just under one third of NovarÃ¢â‚¬â„¢s sales in 2003. Novar also holds businesses in the aluminum and security printing services, which Honeywell does not plan to hold onto after the sale is finalized.
The transaction, which also needs to be approved by the European Commission, is expected to close in the first quarter of 2005.