FOSTORIA - A private investment company is expected to acquire Honeywell's automotive Consumer Products Group business later this year.
The transaction between Rank Group and Honeywell, scheduled to be completed in the third quarter, is valued at about $950 million, according to a release from Honeywell.
"Another group has made an option to purchase it," Fostoria Mayor John Davoli said. "We're optimistic it will bring new life into the building."
Davoli said Honeywell, 1600 N. Union St., has about 70 employees. He said he is optimistic the purchase will benefit Fostoria.
"The company has a good track record," he said. "I'm optimistic this will be very good news."
According to the release, Rank Group is a New Zealand-based private company which invests in a variety of industries and aims to build and grow leading global businesses, including Reynolds Group Holdings, one of the largest packaging companies in the world.
The CPG business, which is headquartered in Danbury, Conn., and has more than 2,000 employees, and includes four leading consumer automotive brands: FRAM filters, Prestone antifreeze, Autolite spark plugs and Holts car care products. It had sales of about $1 billion last year.