Reuters News

NEW YORK — Diversified manufacturer Honeywell International Inc. said on Monday it would sell its noncore seasonal products business, which includes humidifiers and fans, to private appliance maker Kaz Inc.

Financial terms of the acquisition were not disclosed. As part of the deal, private investment firm Centre Partners will invest in New York-based Kaz, which makes vaporizers and humidifiers under its own name and Procter & Gamble Co.'s Vicks brand.

"With the sale of this business, we will be able to focus our resources on businesses that are a better fit with our core technology competencies," said Kevin Gilligan, the president and chief executive of Honeywell Automation and Control Solutions.

Kaz said it intends to keep the headquarters for Honeywell Consumer Products, which employs about 3,200 people worldwide, in Southborough, Massachusetts. As part of the deal, Kaz also will enter into a long-term licensing agreement with Honeywell to keep the trademark on the products, which also include portable air cleaners and heaters.

The Honeywell division's general manager, Jack Waller, will join Kaz as executive vice president of the firm's home environment business.

Honeywell was advised by Lehman Brothers and Kaz was assisted by Sawaya Segalas & Co.

Honeywell shares fell 2 cents to $35.21 in Monday morning trading on the New York Stock Exchange.

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