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Honeywell To Sell Performance Fibers Business To Sun Capital Affiliate

Honeywell International, Morris Township, N.J., has agreed to sell its Richmond, Va.-based Performance Fibers business to Performance Fibers Holdings Inc., an affiliate of Sun Capital Partners Inc., for an undisclosed price. The deal is expected to close by the end of 2004. The business will operate as Performance Fibers Inc. Performance Fibers, part of Honeywell Specialty Materials, produces high-tenacity polyester fiber and other materials used in tires, engineered reinforcements, broad woven/narrow fabrics and rope. Production plants are located in North Carolina and France. The business also participates in joint ventures in China and Korea.

Sun Capital Partners is a private investment firm with offices in Boca Raton, Fla.; Los Angeles; New York City; and London. Greg Rogowski, general manager, Performance Fibers, will continue to lead the business.

"We expect this to be a seamless transition for customers whom we will continue to provide with the innovative technologies and best-in-class products and services they value," he said.

"[B]y combining our business expertise at Sun Capital with the strengths of Greg Rogowski and his management team, we expect to enhance Performance Fibers position in its market niche," said M. Steven Liff, principal, Sun Capital Partners. "Through our investment, the company will be able to take advantage of numerous opportunities that will strengthen its core competencies."

Following the divestiture, Honeywell Specialty Materials will focus further on select core businesses including advanced fibers, composites and others.

December 2004