Summary
Honeywell International Inc. (HON) announced the completion of its acquisition of the remaining 50% interest in UOP LLC. This transaction, previously disclosed via a Purchase and Sale Agreement filed on September 30, 2005, was finalized on November 29, 2005. The acquisition was made from Union Carbide Corporation, a subsidiary of The Dow Chemical Company, thereby granting Honeywell full ownership of UOP LLC. This move is significant as it consolidates control over a key joint venture, potentially leading to enhanced strategic flexibility and integration of UOP's operations within Honeywell's broader business structure.
Key Highlights
- 1Honeywell International Inc. has achieved 100% ownership of UOP LLC.
- 2The acquisition was completed on November 29, 2005.
- 3The remaining 50% interest was acquired from Union Carbide Corporation, a subsidiary of The Dow Chemical Company.
- 4This transaction fulfills the terms of a Purchase and Sale Agreement dated September 30, 2005.
- 5The acquisition signifies Honeywell's full control over the UOP joint venture.
- 6A press release detailing the completion of the acquisition was issued by Honeywell.