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BRIEF-Honeywell to spin off Homes & ADI Global Distribution into two independent, publicly-traded cos by end of 2018​
October 10, 2017 / 10:45 AM / 13 days ago

BRIEF-Honeywell to spin off Homes & ADI Global Distribution into two independent, publicly-traded cos by end of 2018​

Oct 10 (Reuters) - Honeywell International Inc:

* Honeywell announces planned portfolio changes

* Honeywell - ‍planned separation transactions are intended to be tax-free spins to Honeywell shareowners for U.S. Federal income tax purposes​

* Honeywell - ‍planned separations will not require a shareowner vote​

* Honeywell - ‍plans to spin Homes & ADI Global Distribution business & transportation systems into two independent, publicly-traded cos by end of 2018​

* Honeywell - to separately spin off homes product portfolio,ADI global distribution business, transportation systems business, into 2 stand-alone, cos

* Honeywell - ‍Q3 sales are expected to be $10.1 billion, up 3% reported and up 5% organic, and earnings per share is expected to be $1.75​

* Honeywell - Gary Michel will serve as president and CEO of honeywell’s home and building technologies strategic business group​

* Honeywell - ‍Michel joins Honeywell from Ingersoll-Rand company​

* Honeywell - ‍Michel succeeds Terrence Hahn​

* Honeywell - ‍raised low-end of FY 2017 EPS guidance by 5 cents to a new range of $7.05 - $7.10, excluding any pension mark-to-market adjustment​

* Q3 earnings per share view $1.73, revenue view $9.89 billion -- Thomson Reuters I/B/E/S

* Fy2017 earnings per share view $7.09 -- Thomson Reuters I/B/E/S

* Honeywell-‍Honeywell’s smart energy business unit to be integrated into process solutions unit within Honeywell performance materials and technologies​

* Honeywell - ‍for three months ended September 30, 2017, company funded approximately $100 million of restructuring​

* Honeywell - co has and continues to have ongoing level of restructuring activities Source text for Eikon: Further company coverage:

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