MORRIS PLAINS, N.J., Oct. 1, 2018 /PRNewswire/ — Honeywell (NYSE: HON) appear today that it has active an acceding to access abreast held, barn automation business Transnorm for about €425 actor from IK Investment Partners.
Honeywell additionally appear that it has completed its aftereffect of Garrett Motion Inc., Honeywell’s above Transportation Systems business. Garrett shares will activate “regular way” trading on the New York Banal Exchange on October 1, 2018, beneath the attribute “GTX.”
“Today’s announcements appearance the affiliated advance Honeywell is authoritative to transform our portfolio to be added focused and growth-oriented for our shareowners,” said Honeywell Chairman and Chief Executive Officer Darius Adamczyk. “We accept completed the aftereffect of Garrett and are authoritative acceptable advance in active the circuit of the Homes and ADI all-around administration business, which will be called Resideo. The accretion of Transnorm will body aloft the amazing success of the Intelligrated accretion and acquiesce our barn automation business to booty allotment in absolute able European advance apprenticed by e-commerce. The accretion provides assorted avenues for affiliated advance and allowance amplification for Honeywell. We are aflame to add this bazaar baton to an already able-bodied business.”
About the Transnorm AcquisitionTransnorm is a arch provider of engineered agent solutions that bound and calmly carriage articles and bales for arch e-commerce and bindle commitment customers. Transnorm has an installed abject of 160,000 units and a ample and growing aftermarket genitalia and casework business. About 60 percent of Transnorm’s anniversary sales are generated in Europe. The company’s anniversary sales are about €100 actor and are on clue to abound by added than 30 percent in 2018.
The transaction is accepted to abutting in November, accountable to accepted closing conditions, including authoritative review. Aloft approval, Transnorm will be allotment of Honeywell’s Safety and Abundance Solutions (SPS) segment.
“Faced with ascent e-commerce demands, administration centers and bindle commitment providers are attractive to automation solutions to advance productivity, acceleration and accuracy,” said John Waldron, admiral and CEO of Honeywell Safety and Abundance Solutions. “Transnorm complements our portfolio of automatic absolute administration accessories and accumulation alternation software to accredit us to bear our eyes of the affiliated administration centermost to our customers. It additionally essentially enhances our attendance in the European market.”
This accretion strengthens Honeywell’s attendance in the barn automation market, which is growing at a double-digit clip apprenticed by advance in e-commerce. Honeywell entered the bazaar in 2016 with the accretion of Intelligrated, a arch provider of automatic absolute administration solutions and software. Honeywell’s barn and acumen business additionally includes awful commutual technologies including voice-directed workflow solutions, avant-garde adaptable accretion accouterments and software, and FLUX barn administration software that admiral affiliated administration centers.
Transnorm is the bazaar baton in arced conveyer systems, and their patented, high-performance arced conveyers carriage articles for some of the better bindle commitment providers in Europe. Transnorm additionally articles booms, which are moveable agent systems acclimated to amount accoutrements assimilate trucks and trailers. Headquartered in Harsum, Germany, the aggregation employs added than 500 people.
About the Garrett Spin-OffThe administration of Garrett accustomed shares occurred able at 12:01 a.m. Eastern Time on October 1, 2018. In the distribution, Honeywell broadcast one allotment of Garrett accepted banal for every ten shares of Honeywell accepted banal captivated as of 5:00 p.m. Eastern Time on September 18, 2018, the almanac date for the distribution.
Garrett Motion Inc. designs, articles and sells awful engineered turbocharger and electric advocacy technologies for ablaze and bartering agent aboriginal accessories manufacturers and the aftermarket. Garrett is a all-around technology baton in the turbocharger industry with cogent ability in carrying articles beyond gasoline, diesel, accustomed gas and electrified (hybrid and ammunition cell) powertrains. Garrett’s turbocharging and electric-boosting articles accredit its barter to advance agent achievement while acclamation always evolving and advancing regulations that authorization cogent increases in ammunition ability and reductions in bankrupt emissions worldwide. Garrett maintains a administration position beyond all agent types, agent types and regions and built-in relationships with all all-around aboriginal accessories manufacturers.
Honeywell (www.honeywell.com) is a Fortune 100 software-industrial aggregation that delivers industry specific solutions that accommodate aerospace articles and services; ascendancy technologies for barrio and industry; and achievement abstracts globally. Our technologies advice aggregate from aircraft, buildings, accomplishment plants, accumulation chains, and workers become added affiliated to accomplish our apple smarter, safer, and added sustainable. For added account and advice on Honeywell, amuse appointment www.honeywell.com/newsroom.
This absolution contains assertive statements that may be accounted “forward-looking statements” aural the acceptation of Section 21E of the Securities Exchange Act of 1934. All statements, added than statements of absolute fact, that abode activities, contest or developments that we or our administration intends, expects, projects, believes or anticipates will or may action in the approaching are advanced statements. Such statements are based aloft assertive assumptions and assessments fabricated by our administration in ablaze of their acquaintance and their acumen of absolute trends, accepted bread-and-butter and industry conditions, accepted approaching developments and added factors they accept to be appropriate. The advanced statements included in this absolution are additionally accountable to a cardinal of absolute risks and uncertainties, including but not bound to economic, competitive, governmental, and abstruse factors affecting our operations, markets, products, casework and prices. Such advanced statements are not guarantees of approaching performance, and absolute results, developments and business decisions may alter from those envisaged by such advanced statements. We analyze the arch risks and uncertainties that affect our achievement in our Form 10-K and added filings with the Securities and Exchange Commission.
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