Breed to Buy AlliedSignal Division
Breed Technologies Inc. agreed to buy AlliedSignal Inc.'s automotive air-bag and seat-belt business for $750 million, which Morristown, N.J.-based AlliedSignal said includes cash and assumed debt. The purchase will more than triple Breed’s 1996 sales of $432 million. Lakeland, Fla.-based Breed will also expand its market share for the passenger-restraint systems it makes for auto makers. AlliedSignal’s business is the nation’s leading seat-belt supplier and the nation’s third-largest air-bag maker. AlliedSignal stock rose $3.44 to close at $86, and Breed rose $1.81 to close at $23.06. Both trade on the New York Stock Exchange.