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Honeywell will review options for two businesses before 2026 split

Honeywell announced on Tuesday that it will evaluate strategic alternatives for the two businesses that serve the transportation industry and logistics as the industrial giant prepares to split into three.

The company has been reorganizing its operations. It is expected that the division of the company into aerospace, automation, and advanced materials will be completed by next year.

Honeywell said that its review of its "Productivity Solutions and Service" and "Warehouse and Workflow Solutions" businesses was to simplify its portfolio in advance of the separation.

Honeywell says that the two units will generate more than $1 billion in revenue each by 2024. They include products like barcode scanners and printing solutions as well as conveyors, warehouse automation tools, and others.

Marc Steinberg, a director at Elliott Investment Management, was added to the Charlotte-based industrial company's board in May ahead of the split.

Honeywell Process Automation has also named Jim Masso its president and CEO, effective July 14. (Reporting and editing by Leroy Leo in Bengaluru, Aishwarya Jain from Bengaluru)

(source: Reuters)