Honeywell International HON has entered into a definitive agreement with the North American Refractories Asbestos Personal Injury Settlement Trust to settle claims over its manufacture of products containing asbestos in the past, per an SEC filing.Subject to the terms of the agreement, Honeywell will make a one-time payment of $1.325 billion to the trust to release itself from further funding obligations to the latter. Once the deal is complete, HON will have “limited obligations” to the trust.Honeywell had purchased North American Refractories Company (“NARCO”), an asbestos refractory materials manufacturer, in 1979. Given the carcinogenic impact of asbestos exposure, HON found itself embroiled in several asbestos-related lawsuits, thanks to its subsidiary’s operations. The NARCO unit filed for bankruptcy and established a trust fund of $6.32 billion in 2013 to settle asbestos claims.Honeywell International Inc. Price Honeywell International Inc. price | Honeywell International Inc. QuoteHoneywell’s deal with the trust is subject to a final order from the US Bankruptcy Court. HON said that NARCO’s reserve of $695 million would be removed from its balance sheet and a charge will be recognized once the deal is approved.Honeywell has reaffirmed fourth-quarter 2022 and full-year guidance as it does not expect the accounting impacts of the agreement to affect its financial statements in the ongoing year.Zacks Rank & Key PicksHoneywell carries a Zacks Rank #3 (Hold). Some better-ranked stocks are as follows:Enerpac Tool Group Corp. EPAC delivered an average four-quarter earnings surprise of 3.4%. EPAC presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks.Enerpac Tool’s estimated earnings growth rate for the current fiscal year is 44.6%. Shares of EPAC have jumped 23.7% in the past six months.Applied Industrial Technologies, Inc. AIT presently carries a Zacks Rank #2 (Buy). AIT delivered a trailing four-quarter earnings surprise of 24.8%, on average.Applied Industrial has an estimated earnings growth rate of 14.3% for the current fiscal year. The stock has gained 31.7% in the past six months.Parker-Hannifin Corporation PH currently carries a Zacks Rank of 2. PH pulled off a trailing four-quarter earnings surprise of 11.3%, on average.Parker-Hannifin has an estimated earnings growth rate of 2.2% for the current fiscal year. Shares of PH have rallied 16.7% in the past six months. Free Report Reveals How You Could Profit from the Growing Electric Vehicle Industry Globally, electric car sales continue their remarkable growth even after breaking records in 2021. High gas prices have fueled his demand, but so has evolving EV comfort, features and technology. So, the fervor for EVs will be around long after gas prices normalize. Not only are manufacturers seeing record-high profits, but producers of EV-related technology are raking in the dough as well. Do you know how to cash in? If not, we have the perfect report for you – and it’s FREE! Today, don't miss your chance to download Zacks' top 5 stocks for the electric vehicle revolution at no cost and with no obligation.>>Send me my free report on the top 5 EV stocksWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Honeywell International Inc. (HON): Free Stock Analysis Report ParkerHannifin Corporation (PH): Free Stock Analysis Report Applied Industrial Technologies, Inc. (AIT): Free Stock Analysis Report Enerpac Tool Group Corp. (EPAC): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research