Honeywell International reports developments across a multi-industry operating portfolio that includes Aerospace Technologies, Building Automation, Process Automation and Technology, and Industrial Automation. Company updates address operating and financial results, dividend declarations, capital-structure actions, governance matters, segment realignment, and portfolio disclosures.
Honeywell announcements also describe customer deployments of connected services, advanced digital performance monitoring, operator training, Honeywell Forge, Performance+ Services, and UOP process technology. Other recurring subjects include material agreements and regulatory or registration disclosures involving majority-owned businesses such as Quantinuum.
Honeywell (NASDAQ: HON) has announced that Stacey Bernards, currently Vice President Government Relations for Energy and Sustainability Solutions, will be promoted to Senior Vice President, Head of Global Government Relations effective March 1, 2025. She will succeed Jim Carroll, who will retire from Honeywell in 2025 after serving since 2017.
Bernards, who joined Honeywell in November 2011, brings extensive experience from both private sector and government, including a 12-year career on Capitol Hill. In her Honeywell tenure, she has led Government Relations across various regions including Europe, Middle East, Africa, India, High Growth Regions, and LATAM, as well as for Honeywell Building Technologies and Energy and Sustainability Solutions Business.
Carroll will remain as Senior Advisor through May 2025 to support the transition. Bernards will report to Anne Madden, Senior Vice President and General Counsel.
Elliott Investment Management has released a statement supporting Honeywell's announcement of its strategic review, which includes the potential separation of its Aerospace business. Elliott's Partner Marc Steinberg and Managing Partner Jesse Cohn expressed confidence in the portfolio transformation being led by Vimal and his team, stating it represents the right direction for Honeywell. They anticipate the review's completion and pledged support for Honeywell's efforts to maximize its value.
Honeywell (NASDAQ: HON) announced its Board of Directors is continuing a comprehensive portfolio evaluation to explore strategic alternatives for enhancing shareholder value, including a potential separation of its Aerospace business. The company plans to provide an update with its Q4 2024 earnings release.
Since December 2023, Honeywell has executed several strategic moves, including approximately $9 billion in acquisitions such as Carrier's Access Solutions business, Civitanavi Systems, CAES Systems, and Air Products' LNG business. The company also announced plans to spin off its Advanced Materials business and divest its Personal Protective Equipment business.
These actions follow Honeywell's January alignment to three megatrends: Automation, Future of Aviation, and Energy Transition.
Honeywell announced that Avianca, Colombia's largest airline, has selected its portfolio of avionics technologies and mechanical systems for their new Airbus A320neo fleet. The agreement includes providing 131-9A auxiliary power units (APUs) for Avianca's 138 new aircraft, along with advanced cockpit technologies to enhance operational efficiency and pilot situational awareness.
The selected technologies include the Pegasus II A320 Flight Management System, IntuVue RDR-4000 3D Weather Radar System, Traffic Collision Avoidance System, Integrated Multi-Mode Receiver, and Enhanced Ground Proximity Warning System. These systems will help improve navigation, weather detection, collision avoidance, and terrain awareness.
Honeywell has been selected to provide building automation for the new Melton Hospital, Victoria's first fully electric 274-bed facility. Under a 25-year contract, Honeywell will implement its building management solutions, including Honeywell Forge Enterprise Performance Management software, to optimize energy and operational efficiency.
The integration of Honeywell Forge will enable condition-based maintenance, improve system resiliency, and reduce energy costs through machine learning capabilities. The hospital will feature a 24-hour emergency department, ambulatory care, maternity, neonatal, mental health, and radiology services, along with an education hub.
The project is being delivered as a public-private partnership between Western Health and the Exemplar Health consortium, supporting Victoria's goal of achieving net zero by 2050.
Honeywell has signed a strategic agreement with Bombardier to provide advanced technology for current and future aircraft, including avionics, propulsion, and satellite communications technologies. The partnership, valued at $17 billion over its lifetime, will focus on developing Honeywell Anthem avionics and next-generation HTF7K engines. However, due to required investments, Honeywell has updated its 2024 outlook, reducing its sales guidance to $38.2B-$38.4B (down $0.4B), adjusted EPS to $9.68-$9.78 (down $0.47), and free cash flow to $4.6B-$4.9B (down $0.5B). The agreement also resolves all pending litigation between the companies.
Honeywell (NASDAQ: HON) announced a change in their representation at the upcoming Goldman Sachs Industrials and Materials Conference. Vimal Kapur, Chairman and CEO, will present instead of Billal Hammoud on December 5, 2024, from 8:00-8:35 a.m. EST in New York City.
The presentation will be available via live audio webcast on Honeywell's investor website, with materials posted beforehand and a replay available for 30 days. Honeywell operates globally across aerospace technologies, industrial automation, building automation, and energy solutions, focusing on three megatrends: automation, future of aviation, and energy transition.
Protective Industrial Products (PIP) has announced a definitive agreement to acquire Honeywell's Personal Protective Equipment Business (PPE), including major brands like Fendall, Fibre-Metal, Howard Leight, and others. The PPE Business operates in over 25 distribution and manufacturing locations globally. The acquisition will expand PIP's brand portfolio and geographic reach, enhancing its ability to serve customers worldwide. Michael Garceau will continue as President of the PPE Business, reporting to PIP CEO Curt Holtz. The transaction is expected to close in the first half of 2025, subject to customary conditions.
Honeywell (NASDAQ: HON) has agreed to sell its Personal Protective Equipment (PPE) business to Protective Industrial Products for $1.325 billion in cash. The PPE business, with approximately 5,000 employees, operates 20 manufacturing sites and 17 distribution sites globally. This sale follows Honeywell's earlier divestiture of its Footwear Business for $230 million in 2021 and aligns with the company's strategy to focus on three megatrends: automation, aviation future, and energy transition. The transaction is expected to close in first half of 2025, subject to customary conditions.
Elliott Investment Management has disclosed a more than $5 billion investment in Honeywell International (NYSE: HON) and is calling for the company to separate into two independent entities. Elliott proposes splitting Honeywell into Honeywell Aerospace and Honeywell Automation, arguing this separation could drive share-price gains of 51-75% over the next two years. The investment firm cites uneven execution, inconsistent financial results, and underperforming share price over the last five years as key reasons for the proposed restructuring. Elliott believes the conglomerate structure no longer suits Honeywell and that separation would benefit both entities through simplified strategies, focused management, and improved capital allocation.