![]() ![]() Michel has also led Ingersoll-Rand’s Club Car Road Development - Construction Technologies and Utility Equipment - Construction Technologies businesses. Most recently, he served as senior vice president and president, Residential HVAC and Supply, which he transformed to deliver substantial improvements in revenue and market share, operating income, commercialization processes, and technology platforms. Michel joins Honeywell from Ingersoll-Rand Co., where he has held a series of large leadership roles over the past 32 years. Michel succeeds Terrence Hahn, who will move to a leadership role, will help prepare the Homes and ADI businesses for the spin. Michel will report to Adamczyk and serve as a company officer. EDT.Įffective immediately, Gary Michel will serve as president and CEO of Honeywell’s Home and Building Technologies (HBT) strategic business group. The Company will hold its quarterly earnings announcement on Friday, Oct. The Company also raised the low-end of its full-year 2017 earnings per share guidance by 5 cents to a new range of $7.05-$7.10, excluding any pension mark-to-market adjustment. Earnings per share is expected to be $1.75, up 9 percent reported and up 16 percent ex-divestitures, normalized for tax at 26 percent, driven by strong results at its Aerospace and Performance Materials and Technologies business groups. Sales are expected to be $10.1 billion, up 3 percent reported and up 5 percent organic. Honeywell announced it anticipates strong third-quarter results. Securities and Exchange Commission, final approval of the Honeywell board of directors, and other customary matters. federal income tax purposes, finalization of the capital structure of the three corporations, the effectiveness of appropriate filings with the U.S. Each spin-off will be subject to finalization of the contours of the spun-off business, assurance that the separation will be tax-free to Honeywell shareowners for U.S. The planned separations will not require a shareowner vote. The new Transportation Systems business is expected to have annualized revenue of approximately $3 billion, a high-yield credit rating, approximately 6,500 employees and financial responsibility for Honeywell legacy automotive segment liabilities in an amount equal to our Bendix legacy asbestos liability. The new Homes and Global Distribution business is expected to have annualized revenue of approximately $4.5 billion, a high-yield credit rating, approximately 13,000 employees, and financial responsibility for certain Honeywell legacy liabilities. “At Honeywell, we will continue our track record of execution, delivering growth, margin expansion, and aggressive capital allocation for our shareowners.” “The spun businesses will be better positioned to maximize shareowner value through focused strategic decision making and capital allocation tailored for their end markets,” Adamczyk added. ![]() Honeywell will also have multiple levers for continuing to execute an aggressive capital deployment strategy, including a vigorous and disciplined M&A program. Our simplified portfolio will offer multiple platforms for organic growth and margin expansion through further deployment of our world-class HOS Gold operating system and the Honeywell Sentience Platform. “These businesses are best positioned to leverage Honeywell synergies from our technologies, financial and business models, and talent. “The remaining Honeywell portfolio will consist of high-growth businesses in six attractive industrial end markets, each aligned to global mega trends including energy efficiency, infrastructure investment, urbanization, and safety,” he continued. As part of that review, we analyzed numerous criteria, including growth outlook, financial performance, market dynamics, potential for disruption, and, most importantly, assessment of fit as a Honeywell business,” said Darius Adamczyk, Honeywell president and CEO. “Today’s announcement marks the culmination of a rigorous portfolio review involving a detailed assessment of every Honeywell business. ![]() federal income tax purposes and are expected to be completed by the end of 2018. The planned separation transactions are intended to be tax-free spins to Honeywell shareowners for U.S. Honeywell announced the results of its comprehensive portfolio review, including its intention to separately spin off its Homes product portfolio and ADI global distribution business, as well as its Transportation Systems business, into two stand-alone, publicly-traded companies. ![]()
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