J-W Staff Reports
New York -- AlliedSignal Inc. shareholders on Wednesday overwhelmingly approved the company's purchase of Honeywell Inc., a $14.9 billion deal that creates an avionics products powerhouse with combined annual sales of $25 billion.
Honeywell shareholders, voting at Honeywell's headquarters in Minneapolis, Minn., also approved the merger. Honeywell said 98 percent of voted shares were in favor of the deal, with more than 76 percent of all outstanding shares casting ballots.
The combined company, with more than 124,000 employees, will keep the Honeywell name and use AlliedSignal's headquarters in Morristown, New Jersey. Honeywell Chairman Michael Bonsignore will lead the new Honeywell after AlliedSignal Chairman Lawrence Bossidy retires in April.
The cornerstone of the operation will be the combined aerospace businesses of both companies, which is expected to account for 30 percent of the new company's pro forma 1999 revenue.
AlliedSignal employs about 450 people at an avionics plant at 2920 Haskell Ave. in Lawrence. It has more than 5,000 employees throughout the Kansas City area.
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