London-based Invensys plc, agreed to sell its Invensys Sensor Systems business to Honeywell Automation and Control Solutions, Morris Township, N.J., for a net cash consideration of $394 million, representing gross consideration of $415 million less certain retained liabilities and certain transaction costs.
The sale proceeds will be used by Invensys to continue to reduce its level of indebtedness. The sale of Sensor Systems is consistent with previously stated Invensys objectives to divest noncore assets as part of its overall plan to improve capital strength and increase strategic focus.
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