Honeywell International Inc will pay $1.3 billion to end asbestos-related claims stemming from its former unit, the industrial giant said on Friday, helping it reduce its environmental liabilities.
The settlement, as part of a deal with North American Refractories Asbestos Personal Injury Settlement Trust, will help the aerospace manufacturer eliminate its funding obligations to the trust, the company said in a regulatory filing.
Honeywell said the one-time, lump sum payment will have ‘limited obligations’ to the trust following the completion of the deal.
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