(To read more on the industrial market, click here.)
TETERBORO, NJ-Honeywell's aviation parts plant here will be shutdown over the next 12 to 24 months, the plant's 425 employees weretold this week, and the company has a tentative deal to sell thesite to Catellus Development Group, the Denver-based business unitof ProLogis. The plant makes and tests flight control and relatedequipment for military aircraft.
Officials from both sides declined to disclose the details ofthe pending detail. "We can confirm there is a proposed agreementto acquire the property, but the transaction has not closed," aProLogis spokesman tells GlobeSt.com. "It would be premature tocomment further at this time."
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