Honeywell Fastener Sales Up
Honeywell Fastener Sales Up
Jason Sandefur
Weeks after striking a deal to sell its aerospace fastener distribution business, Honeywell reported Aerospace sales, including fasteners, improve 8% to $3.3 billion during Q2, with segment profit rising 15% to $602 million.
In June Honeywell agreed to let sell its Consumables Solutions business to B/E Aerospace for $1.05 billion. Honeywell expects to gain up to $640 million in the sale. The deal, which recently received regulatory approval, is expected to close before the end of the third quarter.
Honeywell reported overall sales increased 13% to $9.7 billion during the second quarter of 2008, while net income grew 18% to $723 million.
Consolidated sales during the first half of 2008 rose 12% to $18.6 billion, while net income grew 20% to $1.36 billion.
Honeywell increased its 2008 sales guidance to the range of $37.6 billion to $38.2 billion. Web: honeywell.com �2008 FastenerNews.com
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