Honeywell International has agreed to sell the crash test dummies unit of newly acquired First Technology for $87.3 million.
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Reuters said the sale of the First Technology business to HgCapital, a European sector-focused private equity investor, is expected to close during the first half of the year.
Honeywell, the U.S. industrial and aerospace conglomerate, completed its $508 million acquisition of First Technology on March 24, the news agency said. Its other two businesses are gas sensing, and automotive and special products.
“The underlying rationale of our acquisition of First Technology is to build on our leadership position in the high-growth hazardous gas detection industry,” Honeywell chief executive Dave Cote said in a statement cited by Reuters.
The crash test dummies unit “does not represent a good strategic fit with the Honeywell portfolio,” he added.
Honeywell is still assessing the strategic fit of First Technology’s automotive and special products business, which designs, develops and makes automotive sensors, electronic modules and control devices, the report said.
The crash test dummies unit – First Technology Safety & Analysis business – had sales of $US48.1 million for its fiscal year ended 30 April, 2005, Honeywell told Reuters, which added that it employs about 250 people, according to its website.
