Honeywell Announces Court Approval Of Narco Trust Buyout And Planned Acquisition Of Harbisonwalker By Platinum Equity
Acquiring Company
Honeywell International
Acquired Company
HarbisonWalker
CharlotteManufacturingArtificial IntelligenceSecurityAerospacePublic SafetyManufacturingDescription
Honeywell (NASDAQ: HON) has announced court approval of its buyout agreement with the North American Refractories Asbestos Personal Injury Settlement Trust (the "Trust"), which provides for the elimination of Honeywell's funding obligations to the Trust. Under the agreement and as previously announced, Honeywell will make a one-time, lump sum payment in the amount of $1.325 billion ("Buyout Amount") to the Trust, subject to certain deductions permitted under the buyout agreement. The buyout agreement was approved on December 8, 2022 by the United States Bankruptcy Court for the Western District of Pennsylvania. Upon the closing of the transactions in the buyout agreement, Honeywell will be released from its funding obligations to the Trust. With court approval of the buyout agreement, Honeywell will reduce the NARCO reserve ($695 million as of September 30, 2022) to its estimate of claims-related amounts to be paid to the Trust through closing and will also recognize a charge associated with the Buyout Amount and a related balance sheet impact in the fourth quarter of 2022.
Quick answer
Honeywell International is acquiring HarbisonWalker, announced December 14, 2022. Honeywell International is based in Charlotte, North Carolina, United States.
- How much did Honeywell International pay for HarbisonWalker?
- The deal value was not disclosed.
- What does Honeywell International do?
- Honeywell International is a multinational conglomerate that produces a variety of commercial and consumer products, engineering services, and aerospace systems for a wide variety of customers, from private consumers to..
- Where are Honeywell International and HarbisonWalker based?
- Honeywell International is based in Charlotte, North Carolina, United States.
- Who are the decision-makers at Honeywell International?
- Fundz holds 4 contacts at Honeywell International. Names and contact details are shown to Fundz members.
Source: Fundz verified event record.
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Frequently asked
Who acquired HarbisonWalker?
HarbisonWalker was acquired by Honeywell International, based in Charlotte. The deal was reported on December 14, 2022. Honeywell International is publicly traded (HON) and operates in Manufacturing.
When did Honeywell International acquire HarbisonWalker?
Honeywell International's acquisition of HarbisonWalker was reported on December 14, 2022. Honeywell (NASDAQ: HON) has announced court approval of its buyout agreement with the North American Refractories Asbestos Personal Injury Settlement Trust (the "Trust"), which provides for the elimination of Honeywell's funding obligations to the Trust. Fundz records the date the transaction was first publicly reported, sourced from filings and company announcements.
What does HarbisonWalker do?
With more than 150 years of industry leadership and global recognition, HarbisonWalker International is the largest refractory products and services supplier in North America. It is privately held, operating in Manufacturing.
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