Invensys has agreed to sell its Invensys Sensor Systems business to US manufacturer Honeywell for $394 million net.
The net consideration represents gross consideration of $415 million less some retained liabilities and transaction costs. The sale proceeds will be used by Invensys to continue to cut its debt.
Invensys Sensor Systems supplies sensors and controls used in a range of industries including the vehicle, appliance, office automation, medical, and aerospace industries.
For the 12 months ending March 31st, 2002, the business generated revenues of $251 million and operating profit of $36 million.
Invensys said goodwill written off to reserves relating to historic acquisitions for the Sensor Systems business amounts to about $205 million.
AFP
