Honeywell sells Monitoring unit.(Insider)(Honeywell International Inc.)(Honeywell Security Monitoring, GTCR Fund VIII L.P.)
Security Distributing & Marketing, June, 2004
Honeywell International, Morris Township, N.J., and GTCR Golder Rauner LLC, a Chicago-based private equity firm, announced a definitive agreement for the sale of Honeywell Security Monitoring to GTCR Fund VIII L.P. for $315.5 million in cash.
The business will operate as an independent entity following the closing of the transaction, which is expected to be completed by the end of this month.
Under the terms of the agreement, the business will continue to market itself under the Honeywell brand on a transitional basis after the date of closing
"This business has been a non-core asset and it will be more valuable in the hands of an owner committed to its growth," said Roger Fradin, president and CEO of Honeywell's Automation and Control...
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