Honeywell Friction Materials is a manufacturer of disc brake pads and braking system components for original equipment manufacturers and the aftermarket covering passenger car, light truck, commercial vehicle, railway, and other industrial applications. The business is headquartered in Glinde, Germany and employs over 2,000 people globally.
“Smart investment decisions over the past few years have significantly improved the competitive position of Friction Materials faster than we originally planned,” said Honeywell chairman and CEO Dave Cote. “While the business is much stronger today, it does not fit with Honeywell’s core differentiated technologies focus and long-term growth plans. Federal Mogul’s strong automotive components business is a better strategic fit for Friction Materials’ continued growth over the long-term."
"This acquisition accelerates Federal-Mogul's long-term strategy to strengthen its core product lines, including its global friction portfolio for both original equipment and aftermarket customers,” said Carl C Icahn, chairman of the board of Federal-Mogul. “We believe this transaction will generate significant synergies which will create substantial value for all stakeholders."
"Honeywell's recognized braking technology and its restructured manufacturing footprint make the acquisition a solid addition to our existing global friction business," said Kevin Freeland, CEO, Federal-Mogul vehicle components. "We expect to combine the Federal-Mogul and Honeywell brake businesses to realise significant synergies in all elements of the business.”
The Honeywell business will help strengthen the manufacturing and engineering technology footprint of Federal-Mogul's brake platforms.