Honeywell Eyes Alternatives for Businesses After Split
Honeywell International (NYSE:HON) said on Tuesday it would evaluate strategic alternatives for two of its businesses that serve the transportation and logistics industries as the industrial giant prepares for its three-way split.
The company has been streamlining operations, with a split into separate aerospace, automation and advanced materials units expected to be completed by next year.
Honeywell’s review of its ‘Productivity Solutions and Services’ and ‘Warehouse and Workflow Solutions’ businesses is aimed at further simplifying its portfolio ahead of the split, the company said.
The two units offer products such as barcode scanners, printing solutions, conveyors and warehouse automation tools among others, and generated more than $1 billion each in revenue in 2024, Honeywell said.
In May, the Charlotte, North Carolina-based industrial firm said it would add Elliott Investment Management’s Marc Steinberg to its board ahead of its split.
The company has also appointed Jim Masso as the president and CEO of Honeywell Process Automation, effective July 14, it said on Tuesday.
"Today's announcement marks an important milestone in positioning Honeywell for success as a pure-play automation business following our planned Honeywell Aerospace separation next year," said CEO Vimal Kapur.
"With a simpler and more cohesive portfolio that serves the end markets of buildings, process and industrials, Honeywell will focus on our core areas of automation expertise, each of which is exposed to long-term secular growth drivers that position us as a powerful, global automation leader."
HON shares captured 83 cents to $240.18.
