Private investment firm Sun Capital Partners Inc is to acquire Honeywell's Performance Fibres business.
Sun Capital, which specialises in leveraged buyouts and turnarounds of market-leading companies, has bought the business, which will continue under the name Performance Fibers Inc, for an undisclosed amount.

Greg Rogowski, who will continue to lead the business, said: "We are excited about the prospects for the Performance Fibers business under the new ownership of Sun Capital.

"We expect this to be a seamless transition for customers whom we will continue to provide with the innovative technologies and best-in-class products and services they value."