Invensys sells Sensor Systems business to Honeywell for $394 million
August 21, 2002
Invensys plc, headquartered in London, has agreed to sell its Invensys Sensor Systems business to Honeywell for a net cash consideration of US$394m, representing gross consideration of US$415m less certain retained liabilities and certain transaction costs. The sale proceeds will be used by Invensys to continue to reduce its level of indebtedness. The sale of Sensor Systems is consistent with Invensys previously stated objectives to divest non-core assets as part of its overall plan to improve capital strength and increase strategic focus. The transaction is subject to customary regulatory approvals and is expected to complete by the end of September 2002.