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Trane Technologies Subsidiaries to Remain in Texas Two-Step Bankruptcies

29Dec

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Trane Technologies Subsidiaries to Remain in Texas Two-Step Bankruptcies

Dec. 29, 2023 2:04 pm ET|WSJ ProA bankruptcy judge is allowing U.S. affiliates of Irish air conditioning manufacturer Trane Technologies to remain in bankruptcy, denying a request from asbestos-injury claimants to dismiss the cases created through a controversial strategy known as the Texas Two-Step. Judge J. Craig Whitley of the U.S. Bankruptcy Court in Charlotte, N.C. issued his decision Thursday, rejecting the request to dismiss the chapter 11 cases. Trane placed subsidiaries Aldrich Pump and Murray Boiler under bankruptcy in June 2020 to handle about 90,000 asbestos-related lawsuits. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Honeywell to Buy Carrier Unit for $5 Billion

Honeywell International has struck a roughly $5 billion deal to buy Carrier Global’s security business, as the industrial giant embarks on a spending spree to bolster its portfolio. The security business makes products including electronic locks for big companies, hotels and hospital chains. The acquisition is meant to help bulk up Honeywell’s Building Automation segment, whose customers include hospitals, airports, data centers and the like. It is part of a push by the Charlotte, N.C.-based company, which operates in industries ranging from aerospace to energy, to meet increasing demand for cloud-based products. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Honeywell to Buy Carrier Unit for $5 Billion

Honeywell International has struck a roughly $5 billion deal to buy Carrier Global’s security business, according to people familiar with the matter, as the industrial giant embarks on a spending spree to bolster its portfolio. The security business makes products including electronic locks for big companies, hotels and hospital chains. The acquisition would bulk up Honeywell’s Building Automation segment, whose customers include hospitals, airports, data centers and the like. It is part of a push by the Charlotte, N.C., company, which operates in industries ranging from aerospace to energy, to meet increasing demand for cloud-based products. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8