American Industrial Partners to Acquire Honeywell's Warehouse and Workflow Solutions Business

American Industrial Partners agreed to buy Honeywell's Warehouse and Workflow Solutions (WWS) business (NASDAQ: HON), with terms undisclosed.

Rhea-AI Summary

American Industrial Partners agreed to buy Honeywell's Warehouse and Workflow Solutions (WWS) business (NASDAQ: HON), with terms undisclosed. WWS reported approximately $935 million revenue in 2025 and employs more than 3,300 people. The deal, subject to regulatory approvals, is expected to close in H2 2026. AIP plans to combine WWS with its existing investment in Trew to create a complementary material-handling platform.

Positive

• $935M revenue reported by WWS in 2025
• WWS supported by >3,300 employees globally
• Planned combination with Trew to form complementary platform
• Expected close in H2 2026 (timeline clarity)

Negative

• Transaction terms not disclosed (price and structure unknown)
• Deal subject to regulatory approvals, creating closing uncertainty

Argus Apr 23 session

-2.56% close to close Open Argus

Details

News Market Reaction – HON

On Apr 23, the day this news came out, HON closed 2.56% below the previous close.

Data tracked by StockTitan Argus for the Apr 23 session.

Market Context

This announcement advances Honeywell’s portfolio reshaping by separating its Warehouse and Workflow ...

Analysis

This announcement advances Honeywell’s portfolio reshaping by separating its Warehouse and Workflow Solutions unit, a $935 million revenue business with about 3,300 employees. It follows the planned sale of the Productivity Solutions and Services unit and sits alongside reaffirmed 2026 guidance of $38.8–$39.8 billion in sales and adjusted EPS of $10.35–$10.65. Investors may monitor closing progress into the second half of 2026, Q1 cash flow of −$650 million, and the planned Aerospace spin-off targeted for June 29, 2026.

Key Figures

WWS 2025 revenue: $935 million WWS employees: 3,300 employees Q1 2026 sales: $9.1 billion +5 more

WWS 2025 revenue

$935 million

Warehouse and Workflow Solutions business revenue for 2025

WWS employees

3,300 employees

Global workforce supporting Warehouse and Workflow Solutions

Q1 2026 sales

$9.1 billion

First-quarter 2026 sales reported in 8-K

Backlog

$38.3 billion

Order backlog after 7% order growth in Q1 2026

GAAP EPS

$1.29

Q1 2026 GAAP earnings per share, down 35% year over year

Adjusted EPS

$2.45

Q1 2026 adjusted EPS, up 11% year over year

Operating cash flow

−$650 million

Q1 2026 operating cash flow from continuing operations

2026 sales outlook

$38.8–$39.8 billion

Reaffirmed full-year 2026 sales guidance

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24h Move is the share-price change in the day after each event; other market factors may also have contributed.

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New independent company will build on the legacy of Intelligrated to deliver industry-leading material handling and warehouse automation solutions

NEW YORK, April 23, 2026 /PRNewswire/ -- American Industrial Partners ("AIP"), an operationally oriented industrials investor, today announced that a fund managed by it has signed a definitive agreement to acquire the Warehouse and Workflow Solutions ("WWS" or "the Company") business of Honeywell (NASDAQ: HON). Terms of the transaction were not disclosed.

WWS, which generated approximately $935 million in revenue in 2025, is a leading provider of material handling and warehouse automation solutions, including projects, services and products such as automated sortation systems, palletizers, conveyors and robotics solutions, as well as aftermarket services and software. Built on the legacies of Intelligrated and Transnorm, the business serves a global customer base and is supported by more than 3,300 employees.

AIP's investment in WWS builds on its existing investment in Trew, a U.S.-based manufacturer and integrator of automated material handling systems and software.

"As demand for warehouse automation continues to grow, driven by e-commerce, labor shortages, and supply chain digitization, WWS is well-positioned to capitalize on these tailwinds," said Murray Grainger, Partner at AIP. "Built on the strong foundation of the Intelligrated platform, the business combines leading technology, a broad installed base, and longstanding customer relationships. We look forward to partnering with the WWS and Trew teams to create a complementary platform that builds on these strengths and support the Company's next phase of growth."

"Intelligrated and Transnorm are highly regarded brands in warehouse automation, built on the strength of their people and long-standing customer relationships," said Alfred Rebello, Trew CEO. "We are excited to partner with the WWS team to build on these foundations and continue delivering for customers."

The transaction is subject to customary closing conditions, including the receipt of required regulatory approvals, and is expected to close in the second half of 2026. Evercore is acting as exclusive financial advisor to AIP. Ropes & Gray LLP is acting as transaction and financing counsel, and Baker Botts LLP is acting as regulatory counsel to AIP.

About American Industrial Partners
American Industrial Partners is an operationally oriented industrials investor with approximately $17.5 billion in assets under management. AIP seeks to achieve differentiated returns by investing in quality engineered products businesses with strong management teams and working with those teams to implement transformative Operating Agendas to build long-term value. The AIP team has deep roots in the industrial economy and has actively invested across three economic cycles. AIP has completed over 145 platform and add-on acquisitions and invests in all forms of corporate divestitures, management buyouts, recapitalizations, and going-private transactions of established businesses with sales greater than $500 million. Current AIP portfolio companies generate aggregate annual revenues of approximately $29 billion and employ 70,000+ employees as of December 31, 2025. www.americanindustrial.com

Media Contacts:

For American Industrial Partners:
Pro-AIP@prosek.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/american-industrial-partners-to-acquire-honeywells-warehouse-and-workflow-solutions-business-302751620.html

SOURCE American Industrial Partners

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Honeywell (HON) sell to American Industrial Partners on April 23, 2026?

Honeywell sold its Warehouse and Workflow Solutions business to American Industrial Partners. According to the company, WWS generated approximately $935 million in 2025 revenue and includes automation products, services, and software.

When is the Honeywell (HON) WWS sale to AIP expected to close?

The transaction is expected to close in the second half of 2026. According to the company, closing remains subject to customary conditions and required regulatory approvals.

How large is Honeywell's WWS business being acquired from HON by AIP?

WWS reported about $935 million in revenue for 2025 and employs over 3,300 people. According to the company, it serves a global customer base across automation and aftermarket services.

Will the Honeywell (HON) divestiture affect existing WWS customers and products?

AIP intends to continue WWS operations and integrate with Trew to support customers. According to the company, the plan is to build on Intelligrated and Transnorm legacies while maintaining service and product delivery.

Were financial terms disclosed for Honeywell's (HON) sale of WWS to AIP?

No, the parties did not disclose transaction terms. According to the company, the definitive agreement omits price and structure details publicly.