Honeywell (NASDAQ:HON) has agreed to pay a lump sum of $1.33 billion to end its funding obligations to the North American Refractories Asbestos Personal Injury Settlement Trust. The settlement will enable the company to overcome asbestos-related headwinds and reduce environmental liabilities. Upon completion, the multinational conglomerate expects to record a charge related to the settlement of obligations in its balance sheet, in place of a $695 million reserve that was present as of September 30, 2022. The deal still requires approval from the Bankruptcy Court for the Western District of Pennsylvania. The trust was formed after Honeywell’s former subsidiary, North American Refractories Company (NARCO), filed for bankruptcy in 2002.
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