NORTH AMERICAN BUSINESS
  • HOME
  • SUSTAINABILITY
  • INVEST
  • MARKET
  • PARTNERSHIP
  • INNOVATION
  • PEOPLE
  • INSIGHTS
No Result
View All Result
NORTH AMERICAN BUSINESS
  • HOME
  • SUSTAINABILITY
  • INVEST
  • MARKET
  • PARTNERSHIP
  • INNOVATION
  • PEOPLE
  • INSIGHTS
No Result
View All Result
NORTH AMERICAN BUSINESS
No Result
View All Result
Home ALL Industrial

Honeywell Announces Court Approval Of NARCO Trust Buyout And Planned Acquisition Of HarbisonWalker By Platinum Equity

by Ed Johnson
December 15, 2022
A A

CHARLOTTE, N.C. — 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. 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. The buyout agreement was approved on December 8, 2022 by the United States Bankruptcy Court for the Western District of Pennsylvania. Upon the closing of the transactions in the buyout agreement, Honeywell will be released from its funding obligations to the Trust. 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.

Further, HarbisonWalker International Holdings, Inc. (“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. 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. 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.

All 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 November 18, 2022 (as amended by a Form 8-K/A filed on November 18, 2022) and November 21, 2022.

Tags: < Invest | M&A
ShareTweetShareSend

Related Industries

Industrial

Blackstone Completes Acquisition of Majority Stake of Copeland, Formerly Emerson Climate Technologies

June 1, 2023
Industrial

Rockwell Automation Names Matt Fordenwalt Senior Vice President, Lifecycle Services

May 26, 2023
Industrial

IonicBlue® receives up to CAD $100 million investment from Canada Infrastructure Bank toward decarbonization projects

May 24, 2023
Industrial

ABB opens Robert M. Thomas Innovation Center in Memphis

May 19, 2023
Industrial

GE Announces Chief Financial Officer Transition; Names Rahul Ghai Chief Financial Officer

May 19, 2023
Industrial

Rockwell Automation and Avid Solutions Partner to Accelerate and Scale Green Hydrogen Production

May 18, 2023

Oncotelic Participating at 2023 BIO International Convention

May 17, 2023

...

Gap Inc. Releases 2022 ESG Report, Sharing Progress On Sustainability And Inclusion

May 10, 2023

...

Tesla Lithium Refinery Groundbreaking

May 9, 2023

...

Empowering Educators: Toshiba Awards $20,000 to 6 Exceptional STEM Classroom Projects During Teacher Appreciation Week!

May 9, 2023

...

Toshiba Named a Major Player in the IDC MarketScape “Worldwide Retail Commerce Platform Software Providers 2023 Vendor Assessment”

May 17, 2023

...

Cargill expands retail feed operation with plans for new facility in Washington state to service region’s customers

May 18, 2023

...

Honeywell Completes First Flight Managed By Honeywell Anthem Integrated Flight Deck

May 13, 2023

...

Thermo Fisher Scientific Releases 2022 Corporate Social Responsibility Report

May 18, 2023

...

3M and Svante announce joint development agreement to develop and produce carbon dioxide removal products

May 17, 2023

...

NORTH AMERICAN BUSINESS (www.na-biz.com) is a leading source of business and corporate news, information, industry trends, market updates and insights across a broad spectrum of industries in North America and worldwide.

MENU

  • HOME
  • SUSTAINABILITY
  • INVEST
  • MARKET
  • PARTNERSHIP
  • INNOVATION
  • PEOPLE
  • INSIGHTS

CONTACT US

EDITORIAL:     editor#na-biz.com

PARTNERSHIP:     biz#na-biz.com

HUMAN RESOURCE:     hr#na-biz.com

* (replace # with @)

  • Official Site

Copyright © NA-BIZ.COM All rights reserved.

No Result
View All Result
  • HOME
  • SUSTAINABILITY
  • INVEST
  • MARKET
  • PARTNERSHIP
  • INNOVATION
  • PEOPLE
  • INSIGHTS

Copyright © NA-BIZ.COM All rights reserved.