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Honeywell Plans to Establish Two New Companies

Honeywell International Inc. announced its plan to create spin-offs of its non-core assets and establish at least two new publicly listed companies, according to a report.
honeywell company logo hq
Honeywell company logo outside their headquarters.

Honeywell International Inc. has announced its plan to create spin-offs of its non-core assets and establish at least two new publicly listed companies, according to a report.

The announcement came after Honeywell said last September that it will “raise its annual dividend by 12 percent.” The move will be the company’s first major shake-up since Darius Adamczyk took over as chief executive back in April.

Sources added that while the company will be defying calls made by one of its shareholders, the move of creating spin-offs off of its aerospace division will still “seek to carve out assets worth several billions of dollars.”

Honeywell’s turbochargers business is being considered to be moved to the newly created companies, seeing as it considers its turbochargers, a component that is used to improve the performance and efficiency of cars and trucks, as parts of its aerospace business.

Energy efficient products and solutions for homes, specialty chemicals, electronic and advanced materials, as well as sensing, safety and security technologies for buildings, homes, and industries are just some of the businesses under Honeywell.

An analyst pointed out that spinning off Honeywell’s entire aerospace business will “create $20 billion in shareholder value.”

Aircraft manufactured by companies such as Bombardier, Textron, and General Dynamics have auxiliary power units and engines made by Honeywell Aerospace , which is the company’s biggest business.

The sources of the information asked to remain unnamed due to the deliberations being confidential, while Honeywell declined to comment.

Apple Announces New General Counsel

apple logo inside store
Huge Apple logo is lit up inside an apple store.

Former Honeywell International Inc.’s senior vice president and general counsel, Katherine Adams, is named as Apple Inc.’s new general counsel after Bruce Sewell’s retirement.

Adams will take over the company’s high-profile legal battles with companies such as Samsung and Qualcomm.

Apple also announced that Adams will be a part of its executive team, reporting directly to chief executive Tim Cook.

Cook praised Adams and said that he is happy to welcome the new general counsel onto the team. He also pointed out that Adams is already a “seasoned leader with outstanding judgment,” who was known to have worked on a wide variety of international legal cases. “Throughout her career, she’s also been an advocate for many of the values we at Apple hold dear,” he added.

Anne Madden – Honeywell’s vice president of corporate development and global head of M&A since 2002 – was named as the company’s new general counsel as Adams replacement.

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