HONEYWELL <HON> COMPLETES COMPUTER BUSINESS SALE Honeywell Inc said it has completed the sale of 57.5 pct of its Honeywell Information Systems <HIS> computer business to <Compagnie des Machines Bull> of France and <NEC Corp> of Japan for 527 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 42.5 pct owned by Honeywell Inc, 42.5 pct by Bull and 15 pct by NEC, the new company said. Honeywell added that terms of the agreement with NEC and Bull allow it to reduce its current 42.5 pct stake in the new company to 19.9 pct at the end of 1988 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 1986, 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 Jacques 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.