MORRIS TOWNSHIP, N.J.—Business cable network CNBC reports that Honeywell Intl. Inc. is on the brink of being bought by United Technologies Corp. for about $40 billion in an all-stock transaction. United Technologies chairman and CEO George David would be CEO of the combined company, while Honeywell Chairman and CEO Michael Bonsignore would become chairman, according to CNBC. The deal could be announced as soon as this weekend. However, Honeywell spokesman Tom Crane refused to comment, saying, “We’re just not commenting on rumors and speculation.” United Technologies spokesman Peter Murphy also declined comment.
News of the impending sale comes on the heels of Honeywell announcing that its ongoing third-quarter earnings per share (EPS) were 76 cents, up 10 percent compared to the third quarter of 1999. Sales in the third quarter increased 3 percent, driven primarily by growth in Fire & Security, Electronic Materials, Turbochargers, Sensing & Control products, CFC-free refrigerants and Aerospace repair and overhaul. Sales growth was partially offset by lower sales in Commercial-Vehicle Braking Systems, Industrial Automation & Control, Home & Building Control products and Carpet Fibers.
