HONEYWELL INTERNATIONAL INC acquires UOP LLC (remaining 50% interest)

HONEYWELL INTERNATIONAL INC acquired UOP LLC (remaining 50% interest) for $825 million, a transaction completed in November 2005, structured as Joint-venture buy-out: Honeywell Specialty Materials LLC acquired Union Carbide's 50% membership interest in UOP LLC (agreement dated September 30, 2005), moving Honeywell from 50% to 100% ownership.

UOP LLC (remaining 50% interest) operates in Specialty Materials (now Performance Materials & Technologies / UOP), is based in Des Plaines, Illinois, USA. UOP is a leading international supplier and licensor of process technology, catalysts, engineered process plants and consulting services for the petroleum refining, petrochemical and gas-processing industries, with roughly $1.2 billion in annual sales and about 3,000 employees. It had operated since 1988 as a 50/50 joint venture between Honeywell (and predecessor AlliedSignal) and Dow Chemical's Union Carbide subsidiary. Honeywell's Specialty Materials unit bought Union Carbide's remaining 50% membership interest, taking UOP to full Honeywell ownership.

Takes full control of a recognized technology leader in the energy sector to strengthen Specialty Materials' portfolio of growth-oriented businesses and substantially complete its portfolio transformation.

Advisory firms were not disclosed for this transaction.