Court approves Honeywell's $1.3B settlement with asbestos trust
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Honeywell (NASDAQ:HON) said Wednesday it received court approval of its $1.3B settlement related to its past production of items containing asbestos.
The settlement with the North American Refractories (NARCO) Asbestos Personal Injury Settlement Trust releases Honeywell (HON) from funding obligations to the Trust.

The buyout deal was approved last week by the U.S. Bankruptcy Court for the Western District of Pennsylvania.
Honeywell (HON) will reduce the $695M NARCO reserve to its estimate of claims-related amounts to be paid to the trust. The company will also recognize a charge associated with the settlement in Q4.
NARCO, which was forced to file for bankruptcy in 2002 due to asbestos litigation, was owned by Honeywell (HON) during 1979-1986.
HarbisonWalker International, the reorganized entity that emerged from the NARCO bankruptcy, will be acquired by private equity firm Platinum Equity.
Expected net proceeds to Honeywell (HON) from this deal will offset impacts from the settlement on Q4 financial statement by ~$300M.
Honeywell (HON) will also continue to have the right to collect insurance proceeds in connection with the trust's asbestos-related insurance policies.