Honeywell Completes Acquisition of Novar plc; Final Clearance from Eur

    Business Editors

    MORRIS TOWNSHIP, N.J.--(BUSINESS WIRE)--March 31, 2005--Honeywell (NYSE: HON) today confirmed that it has received final clearance from the European Commission to acquire the entire ordinary and preference share capital of Novar plc. Honeywell declared its Offers wholly unconditional and has assumed control of Novar plc.
    Novar's core divisions are Intelligent Building Systems (IBS), Indalex Aluminum Solutions (IAS) and Security Printing Services (SPS). Honeywell will begin to integrate the IBS business into its Automation and Control Solutions (ACS) business immediately. The company plans to divest IAS and SPS within a year.
    Dave Cote, Honeywell Chairman and Chief Executive Officer, said, "Novar is a great investment for Honeywell. The IBS business fits perfectly with our ACS business and significantly strengthens our European fire detection, environmental controls, security, and services businesses. We are working hard to quickly and efficiently integrate this business into Honeywell."
    "The IAS and SPS divisions of Novar are very strong businesses in their respective industries. They just don't fit with the Honeywell portfolio. Both the strategic and financial communities have expressed strong interest in these businesses."

    Honeywell International is a $26 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 www.honeywell.com.

    This release does not constitute the making of an offer to acquire any securities of Novar plc. No offer is being, or will be, made in the United States or to U.S. persons. In addition, this release does not constitute an offer of any securities for sale in the United States or to U.S. persons. Securities may not be offered or sold in the United States or to U.S. persons absent registration or an exemption from registration. Honeywell does not intend to register or offer its securities in the United States or to U.S. persons in connection with the offers to acquire the entire issued ordinary and preference share capital of Novar plc.

    This release contains forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, including statements about future business operations, financial performance and market conditions. Such forward-looking statements involve risks and uncertainties inherent in business forecasts as further described in our filings under the Securities Exchange Act.

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CONTACT: Honeywell International Media Contact: Robert C. Ferris, 973-455-3388 rob.ferris@honeywell.com or Investor Relations: Nicholas Noviello, 973-455-2222 nicholas.noviello@honeywell.com

KEYWORD: NEW JERSEY INTERNATIONAL EUROPE INDUSTRY KEYWORD: AUTOMOTIVE MANUFACTURING MERGERS/ACQ SOURCE: Honeywell International

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