	honeywell hon completes computer business sale honeywell inc said it has completed the sale of pct of its honeywell information systems his computer business to compagnie des machines bull of france and nec corp of japan for mln dlrs in cash honeywell said it will use much of the money to reduce short term debt incurred last december when the company purchased the sperry aerospace group honeywell said the sale of his has created a new dedicated computer company jointly owned by bull nec and honeywell the new privately held company named honeywell bull is pct owned by honeywell inc pct by bull and pct by nec the new company said honeywell added that terms of the agreement with nec and bull allow it to reduce its current pct stake in the new company to pct at the end of by selling just over half its shares to bull book value at the time will determine the move s pricing honeywell said honeywell chairman and chief executive officer edson spencer said the move is the last major step in honeywell s restructuring as the leading worldwide supplier of of automation and controls for buildings industry aerospace and defense honeywell is now focusing its management technical and financial resources on high market share business spencer said honeywell said it expects to be honeywell bull s largest customer purchasing computers for its own internal data processing for integration into honeywell buidling and industrial automation systems and for resale to the u s governement honeywell said his s federal systems division is now a wholly owned unit of honeywell inc and has been named honeywell federal systems inc honeywell said it accounted for his as a discontinued operation in and will account for its future interest on a cost basis recording any dividends as received honeywell bull said it will continue to develop its product line and build its business in integrated systems for networking database management and transaction processing the new company said its board will have nine members including the chairman and chief executive officer bull will have four members honeywell two and nec one the new company which began worldwide operations today said it added that jues stern bull s chairman and chief executive officer will serve as honeywell bull s chairman of the board while jerome meyer formerly executive vice president of honeywell information systems was named president and chief executive officer reuter 
