Honeywell to spin off businesses

Column:Industry news Time:2018-04-14

Honeywell International Inc plans to spin off non-core assets and create at least two new publicly listed companies, as the US-based industrial conglomerate seeks to streamline its business, according to people familiar with the matter.

The move would represent the first major shakeup at the company since Darius Adamczyk succeeded David Cote as chief executive in April. It comes after Honeywell said in September it would raise its annual dividend by 12 percent.

The sources said while Honeywell would defy calls by one of its shareholders, activist hedge fund Third Point LLC, to spin off its aerospace division, it would still seek to carve out assets worth several billions of dollars.

Honeywell may place its turbocharger business into one of the newly created companies, the sources said.