Gores plans to work with the existing Brand-Rex management to maintain the latterÂs market presence and explore new growth opportunities.Honeywell (NYSE: HON) of Morris Township unloaded yet another business unit today with the sale of its cable manufacturing company, Brand-Rex, to Los Angeles-based private investment firm Gores Group. Terms were not disclosed.
This deal followed yesterdayÂs announcement by Honeywell, best known for its aerospace, automotive and specialty materials technologies, that it had sold Clarke American, a security printing services business, to New York-based M&F Worldwide for $800 million in cash.
Honeywell shares were selling at around $34.20 in morning trading, about 13% lower than their 52-week high of $39.50 on July 29.
Based in Glenrothes, Scotland, Brand-Rex designs and manufactures high-performance cabling solutions for communications and so-called extreme-environment applications. It has operations in the UK, Germany, France, Spain, Scandinavia and the Middle East.
Gores plans to work with the existing Brand-Rex management to maintain the latterÂs market presence and explore new growth opportunities. Gores, founded in 1987, focuses on the technology, telecommunications and business services sectors. Besides Los Angeles, it has offices in Boulder, Colorado; New York City; Zurich; and London.