Honeywell Peddles Wax Operations


Honeywell last week announced the sale of its industrial wax operations in Asia and Europe to Dutch wax producer Paramelt BV. The deal does not involve Honeywells U.S. wax business, which includes a plant in Smethport, Pa., but the conglomerate said it plans to divest those operations, too.

The companies did not disclose the price of the sale, which included two wax plants – one in Eupen, Belgium, the other in Suzhou, China. Honeywell did say the operations had aggregate revenues of $47.5 million in 2004. Paramelt, which is based in Heerhugowaard, the Netherlands, said the European part of the acquisition gives it a strong position in the global tire and rubber market and that the Chinese operation supports its ambition to grow in Asia-Pacific.

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Honeywell described the sale as part of an ongoing strategy for its Specialty Materials division to focus on fluorines, advanced fibers and composites, reagents and electronic materials. Management said it also plans to sell the U.S.-based wax business. The Smethport plant has capacity to make 70 metric tons of bauxite wax per year, according to the National Petrochemical and Refiners Association.

Honeywell said the Specialty Materials division does not intend to divest its Specialty Additives business, which sells Rheochem customized lubricants for vinyl processing, among other products.

Honeywell International is a diversified $26 billion company based in Morris Township, N.J.

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