Honeywell Sells Performance Fibers Business To Sun Capital Partners

Honeywell announced today that it has reached an agreement to sell its Performance Fibers business
to Sun Capital Partners, Inc. The agreement is subject to customary closing conditions and the
transaction is expected to be completed by the end of 2004. Financial terms were not disclosed. The
divestiture is part of Honeywell Specialty Materials continued execution of its plan to focus
investment on select core businesses built around Growth Platform technologies including fluorines,
advanced fibers and composites, reagents, electronic materials and barrier solutions.

The Performance Fibers business is a part of Honeywell Specialty Materials and supplies high
tenacity polyester fiber and other materials globally. End use applications include tire,
engineered reinforcements, broad woven/narrow fabrics and rope. The business had 2003 revenues of
$368 million and includes production facilities in North Carolina and France as well as joint
ventures in China and Korea. Sun Capital Partners, Inc. is a leading private investment firm
focused on leveraged buyouts and investments in market leading companies that can benefit from our
in-house operating professionals and experience. Sun Capital affiliates invest in companies
typically with the number one or two market position in their industry, long-term competitive
advantages and significant barriers to entry. Sun Capital affiliates have invested in more than 70
companies since our inception in 1995 with combined sales in excess of $18.0 billion. Sun Capital
has offices in Boca Raton, Florida, Los Angeles, New York and London, but has acquired and manages
companies worldwide. For more information about Sun Capital, please visit

Press Release Courtesy of Honeywell

November 2004