(Reuters) - Honeywell International Inc (HON.N) is seeking a buyer for its building solutions business, the Wall Street Journal reported, adding that the business could fetch $3 billion to $4 billion.
Honeywell has hired Goldman Sachs to help find a buyer for the business, which makes sensing and security technologies for homes and commercial buildings, the Journal said on Wednesday, citing sources.
“We do not comment on market rumor or speculation,” Honeywell Vice President External Communications Rob Ferris said.
Honeywell’s building solutions and distribution business generated net sales of $4.57 billion in 2015 and accounted for 11.8 percent of the company’s total net sales.
Honeywell’s shares were down 0.8 percent at $102.86 in afternoon trading, amid a broad market decline.
The news comes a day after Honeywell, a major maker of aerospace components, confirmed it had held deal talks with United Technologies Corp (UTX.N) over the past year.
A combination could create a behemoth with combined sales of more than $90 billion.
United Tech, which makes Pratt & Whitney jet engines and Otis elevators, said on Monday that a merger could either be blocked outright or be approved only on condition of significant divestitures after a lengthy and disruptive review period that would destroy shareholder value.
Reporting by Ankit Ajmera in Bengaluru; Editing by Savio D'Souza