Honeywell plans to sell building solutions business worth around $3 bn to $4 bn

US conglomerate, Honeywell International Inc, is planning to sell its building solutions business worth around $3 billion to $4 billion, the Wall Street Journal yesterday reported, citing people familiar with the matter.

The New Jersey-based company about three months ago began looking for buyers and has hired Goldman Sachs to assist in the sale of the business, which makes sensing and security technologies for homes and commercial buildings, the report said.

"We do not comment on market rumor or speculation," Honeywell vice president External Communications, Rob Ferris, told the paper.

Honeywell's building solutions and distribution business contributed $4.57 billion of its 2015 sales of $38.6 billion.

The report comes a few days after Honeywell confirmed media speculation that it is exploring a merger with Connecticut-based defence contractor United Technologies.

A successful merger would create company with combined sales of more than $90 billion, but United Technologies said that the merger of the two of the biggest players in the aerospace and commercial-building equipment businesses ''would face insurmountable regulatory obstacles and strong customer opposition.''

With more than 127,000 employees worldwide, including more than 22,000 engineers and scientists, Honeywell produces a variety of commercial and consumer products, engineering services and aerospace systems.

The maker of aircraft guidance systems, operates three Strategic Business Units, Aerospace, Automation Controls and Solutions, and Performance Materials and Technologies.