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Honeywell aerospace unit under review for spinoff has performed well -chairman
June 12, 2017 / 4:34 PM / 6 months ago

Honeywell aerospace unit under review for spinoff has performed well -chairman

MONTREAL, June 12 (Reuters) - Honeywell International ’s aerospace business, now under review as part of a proposal to spin off the unit, has performed well and has benefited from heavy investment from the U.S. technology and manufacturing company, executive chairman David Cote said on Monday.

Honeywell said in May it would decide by this fall whether to separate the aerospace business, which makes auxiliary power units and engines for aircraft.

“The business has actually performed pretty well,” said Cote in an interview on the sidelines of the International Economic Forum of the Americas in Montreal.

“And if you take a look at margin improvement and you take a look at the wins that we’ve had over a long period of time since 2013. We’ve invested very heavily in that business.”

Hedge fund investor Third Point LLC has argued in favor of the spinoff, which it said could create more than $20 billion in shareholder value. The business is Honeywell’s biggest, generating $14.75 billion in sales last year. (Reporting By Allison Lampert; Editing by Phil Berlowitz)

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