Press release
HONEYWELL TO REALIGN PORTFOLIO TO THREE POWERFUL MEGATRENDS: AUTOMATION, FUTURE OF AVIATION, AND ENERGY TRANSITION
Entering next phase of transformation with portfolio alignment to critical megatrendsSimplified structure enhances innovation playbook, accelerating
About this update from Honeywell International Inc.
[{"type":"text","content":"Entering next phase of transformation with portfolio alignment to critical megatrendsSimplified structure enhances innovation playbook, accelerating Honeywell's organic growth potentialOptimized portfolio creates favorable setup for strategic inorganic capital deploymentCHARLOTTE, N.C., Oct. 10, 2023 /PRNewswire/ -- Honeywell (NASDAQ: HON) today announced plans to realign its business segments to three compelling megatrends: automation, the future of aviation, and energy transition. This shift within the company's segments will enable Honeywell to deliver accelerated organic sales growth and inorganic capital deployment, creating greater value for shareholders. The new segmentation will take effect beginning first quarter 2024.\n\n \n \n \n \n \n \n\n \n\"We are committed to delivering differentiated, profitable growth,\" said Honeywell Chief Executive Officer Vimal Kapur. \"After a complete review of our portfolio, we plan to organize our businesses around three powerful megatrends, each of which is underpinned by our robust digitalization capabilities and solutions. This simplified structure will enable Honeywell to realize synergies that will accelerate our innovation playbook, leverage our financial strength, and unlock greater value through our Accelerator operating system.\n\"As we enter the next phase of transformation, this realignment will enable us to consistently deliver our upgraded financial algorithm, drive innovation that will help solve the world's toughest sustainability and digitalization challenges, and deploy capital more effectively.\"\nAligning Our Segments with Three Compelling MegatrendsThe updated reporting structure will include four segments, underpinned by the company's world-class Accelerator operating system and Honeywell Connected Enterprise integrated software platform, enabling Honeywell to better serve its customers and positioning us to outperform in any environment.\nAerospace Technologies (AT): Used in virtually every commercial and defense aircraft platform worldwide, Honeywell aerospace products will continue to lead the future of air travel, including driving advanced air mobility and greater sustainability with the electrification of aircraft.Industrial Automation (IA): With a deep history in industrial automation that spans more than five decades, Honeywell enables process industry opera...