Honeywell Reaches $1.3 Billion Deal to End Asbestos Payments (1)

Honeywell International Inc. agreed to pay about $1.3 billion to end payments over claims related to its past production of items containing asbestos, a known carcinogen, marking a step by the industrial giant to whittle down its environmental liabilities.

The manufacturer entered into an agreement with the North American Refractories Asbestos Personal Injury Settlement Trust that will release it from further funding obligations, Honeywell said Friday in a regulatory filing. The amount will be paid in a onetime lump sum and the company will have “limited obligations” to the trust after the deal is complete.

The agreement would be ...