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Invensys sells sesosrs to Honeywell

01 August, 2002

Invensys sells sensors group to Honeywell

Invensys is selling its sensor systems business to Honeywell`s Automation and Control Solutions (ACS) division for $415m in cash. The deal takes the proceeds from Invensys` current sell-off programme to more than £900m, keeping it on track to reach chief executive Rick Haythornthwaite`s target of £1.5bn by April 2002.

Three key operations that Invensys still hopes to sell are Eurotherm Drives, Fasco Motors and the mechanical power transmission business, Rexnord.

The Sensor Systems operation makes sensors and controls, mainly for users in the automotive, appliance, aerospace, medical equipment and office automation sectors. It employs around 2,700 people and has 13 factories in six countries, including the UK and the US, where it has its headquarters.

"The disposal process for the non-core businesses remains on track for completion before the end of the financial year end," reports Haythornthwaite, "as does our target for total proceeds from the disposal programme of at least £1.5bn".

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