![]() We do not undertake to update or revise any of our forward-looking statements, except as required by applicable securities law. They are not guarantees of future performance, and actual results, developments, and business decisions may differ significantly from those envisaged by our forward-looking statements. They are based on management's assumptions and assessments in light of past experience and trends, current economic and industry conditions, expected future developments, and other relevant factors. Forward-looking statements are those that address activities, events, or developments that management intends, expects, projects, believes, or anticipates will or may occur in the future. For more news and information on Honeywell, please visit This document contains certain statements that may be deemed "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. ![]() Our technologies help aircraft, buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. Honeywell ( delivers industry-specific solutions that include aerospace products and services control technologies for buildings and industry and performance materials globally. Honeywell will also continue to have the right to collect insurance proceeds in connection with the Trust's asbestos-related insurance policies, which will also serve to offset the cash impacts of the Buyout Amount and will accordingly continue recognizing such receivables.Īll disclosed information on Honeywell's relationship with the Trust and HWI is available in our most recent 10-Q Q3 2022 10-Q Footnote #14- Commitments and Contingencies- Asbestos Matters and in our Current Reports on Form 8-K filed with the Securities and Exchange Commission on Novem(as amended by a Form 8-K/A filed on November 18, 2022) and November 21, 2022. ![]() The anticipated net proceeds to Honeywell from this transaction as determined pursuant to the buyout agreement will serve to offset the fourth quarter financial statement impacts of the Buyout Amount by approximately $300 million. ("HWI"), the reorganized and renamed entity that emerged from the NARCO bankruptcy, has entered into a definitive agreement today for private equity firm Platinum Equity to acquire HWI. With court approval of the buyout agreement, Honeywell will reduce the NARCO reserve ( $695 million as of September 30, 2022) to its estimate of claims-related amounts to be paid to the Trust through closing and will also recognize a charge associated with the Buyout Amount and a related balance sheet impact in the fourth quarter of 2022.įurther, HarbisonWalker International Holdings, Inc. Upon the closing of the transactions in the buyout agreement, Honeywell will be released from its funding obligations to the Trust. The buyout agreement was approved on Decemby the United States Bankruptcy Court for the Western District of Pennsylvania. Under the agreement and as previously announced, Honeywell will make a one-time, lump sum payment in the amount of $1.325 billion ("Buyout Amount") to the Trust, subject to certain deductions permitted under the buyout agreement. ![]() 14, 2022 /PRNewswire/ - Honeywell (NASDAQ: HON) has announced court approval of its buyout agreement with the North American Refractories Asbestos Personal Injury Settlement Trust (the "Trust"), which provides for the elimination of Honeywell's funding obligations to the Trust. ![]()
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