AlliedSignal To Sell Laminate Systems, Purchase Johnson Matthey Electronics

AlliedSignal Inc. recently announced that it is selling its laminate systems business to Rutgers AG for approximately $425 million and is purchasing Eden Prairie, Minn.-based Johnson Matthey Electronics for $655 million. Lawrence A. Bossidy, AlliedSignal chairman and CEO, says that the acquisition, which would offer AlliedSignal's customers a full spectrum of interconnect solutions, reflects the company's strategy to improve its global business portfolio. "Divesting Laminate Systems removes us from the lower-margin laminate industry and acquiring Johnson Matthey electronics supports our business strategy to enter additional higher-margin specialty segments." Johnson Matthey Electronics, a division of Johnson Matthey PLC, is a leading supplier of materials to the semiconductor and microelectronics industries, with sales from the previous fiscal year reaching $671 million. AlliedSignal President Geoffrey Wild says that the acquisition gives the Morris Township, N.J.-based company entree to the growing high-density-interconnect industry, which includes the new generation of telecommunication devices.