Honeywell today announced its intention to sell its automotive Consumer Products Group business private investment firm Rank Group, in a cash transaction valued at approximately $950 million.
The transaction is expected to close in the third quarter of 2011 subject to regulatory approval and customary closing conditions.
The CPG business, headquartered in Danbury, Connecticut, has more than 2,000 employees producing four consumer automotive brands: FRAM® filters, Prestone® antifreeze, Autolite® spark plugs, and Holts® car care products.