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European Commission Reviews AlliedSignal and Honeywell Merger

30 August 1999

European Commission Enters Phase II Review of Proposed Merger of AlliedSignal and Honeywell

    MORRIS TOWNSHIP, N.J. & MINNEAPOLIS--Aug. 30, 1999--AlliedSignal Inc. and Honeywell Inc. said today that the European Commission is entering a Phase II review of the companies' proposed merger.
    The Phase II review is a common part of the Commission's merger-review process. It is similar to a Hart-Scott-Rodino Act Request for Additional Information from the U.S. Department of Justice or the U.S. Federal Trade Commission when reviewing mergers.
    The companies said the Commission's review continues to focus on limited areas of the companies' respective aerospace businesses, adding that they do not anticipate any areas outside of their aerospace businesses will be affected.
    The companies said they are continuing to work with the Commission and expect to complete the review in time to close the merger in the fall of this year.
    AlliedSignal Inc. is an advanced technology and manufacturing company serving customers worldwide with aerospace products and services, automotive products, chemicals, fibers, plastics and advanced materials. 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. The company employs 70,400 people in some 40 countries. Additional information on the company is available on the World Wide Web at http://www.alliedsignal.com.
    Honeywell is the world's leading provider of control technologies for buildings, homes, industry, space and aviation. The company employs 57,000 people in 95 countries and had 1998 sales of $8.4 billion. Additional information is available at http://www.honeywell.com.