Honeywell Reaches Agreement to Sell First Technology Safety & Analysis Business to HgCapital

Company Agrees to Sell Business Shortly After Closing on First Technology Acquisition

MORRIS TOWNSHIP, N.J., March 29 -- Honeywell announced today that it has reached a definitive agreement to sell the First Technology Safety & Analysis business (FTSA) to HgCapital, the European sector-focused private equity investor, for GBP 50 million (USD 87.3 million). The company expects the transaction to close during the first half of this year subject to regulatory review.

FTSA is a leading provider of crash test dummies, crash walls and instrumentation, as well as load cell products and strain gauge services primarily for the automotive industry. The business reported sales of USD 48.1 million for its fiscal year ended April 30, 2005.

"The underlying rationale of our acquisition of First Technology plc is to build on our leadership position in the high-growth hazardous gas detection industry," said Dave Cote, Honeywell Chairman and CEO. "FTSA is a leader in its industry and a valuable asset, but it does not represent a good strategic fit with the Honeywell portfolio. The opportunity to sell this business very shortly after the close of our acquisition of First Technology is attractive for Honeywell from both a financial and business integration standpoint."

Honeywell completed its acquisition of First Technology plc on March 24. First Technology plc's other two businesses are Gas Sensing and Automotive & Special Products (ASP). Honeywell plans to integrate the Gas Sensing business into its Automation and Control Solutions businesses and continues to assess the strategic fit of the ASP business.

All references to U.S. dollars herein use a GBP conversion of 1.745.

Honeywell International is a $28 billion diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. Based in Morris Township, N.J., Honeywell's shares are traded on the New York, London, Chicago and Pacific Stock Exchanges. It is one of the 30 stocks that make up the Dow Jones Industrial Average and is also a component of the Standard & Poor's 500 Index. For additional information, please visit http://www.honeywell.com/.