Honeywell Sells Advanced Circuits Business Dec 27, 2002

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Honeywell International Ltd. said on Thursday that its specialty materials unit has sold its Advanced Circuits business, a supplier of printed circuit board products to the telecom and computer industries, to Redmond, WA, U.S.-based TTM Technologies.

TTM said it paid about U.S. $2 million for Advanced Circuits, which employs about 700 workers at its only facility in Chippewa Falls, WI, U.S. According to TTM, Advanced Circuits has fourth-quarter estimated annualized revenue of up to $90 million.

Honeywell said the deal reflects its emphasis to focus on key businesses. It also said last week it would take an impairment charge of up to $700 million at its specialty and friction materials businesses. The after-tax charge reflects a write down of assets in businesses serving the fibers, telecommunications, power, and automotive industries. (Reuters)

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