Goldman Sachs and former Honeywell CEO Cote are teaming up to buy an industrial company

Goldman Sachs and former Honeywell CEO David Cote are looking to raise $600 million for a blank check company that will look to purchase a company in the industrials space, according to a filing Friday. The entity will rely on Cote’s more than 40 years of experience in the industry to find a target and run the resulting business effectively, the filing says. Goldman Sachs and Deutsche Bank are serving as the underwriters of the share sale. Cote and Goldman Sachs’s Raanan Agus, a member of the firm’s asset management unit, will initially serve as directors, where they will approve the blank check company’s initial purchase. They haven’t yet identified a potential target, the filing says. The entity, GS Acquisition Holdings Corp., will look to “identify and complete our initial business combination with a company in the diversified industrial sector,” according to the filing. “We believe Mr. Cote’s industry experience and operating capabilities, paired with Goldman Sachs’ unique sourcing infrastructure and experience investing in public and private markets, will make us a partner of choice for potential business combination targets.” In March, Cote stepped down from the board of the Federal Reserve Bank of New York in a move that was widely interpreted to indicate that he was entering into a partnership with a financial institution. At the time, the central bank said he had stepped down to pursue a business opportunity that interfered with his work as a director. Cote was a class B director, which is meant to serve the public and isn’t allowed to be affiliated with a financial institution.