Honeywell sells Advanced Circuits business to TTM

MORRIS TOWNSHIP, New Jersey: Honeywell International Ltd. said its struggling specialty materials unit has sold its Advanced Circuits business to TTM Technologies. Redmond, Washington-based TTM said it paid about $2 million for Advanced Circuits, which employs about 700 workers at its only facility in Chippewa Falls, Wisconsin.

Honeywell said the deal reflects its emphasis to focus on key businesses. Advanced Circuits supplies printed circuit board products to the telecom and computer industries. It has fourth-quarter estimated annualized revenue of up to $90 million, TTM said.

Honeywell said last week it would take an impairment charge of up to $700 million at its specialty and friction materials businesses. The after-tax charge reflects a write down of assets in businesses serving the fibers, telecommunications, power and automotive industries.

© Reuters