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Honeywell spins off units worth $7.5 billion in sales, keeps aerospace
October 10, 2017 / 10:46 AM / 7 days ago

Honeywell spins off units worth $7.5 billion in sales, keeps aerospace

FILE PHOTO - A view of the corporate sign outside the Honeywell International Automation and Control Solutions manufacturing plant in Golden Valley, Minnesota, January 28, 2010. REUTERS/Eric Miller

(Reuters) - U.S. manufacturer Honeywell International Inc (HON.N) will spin off its home and ADI global distribution business and transportation systems into two independent, publicly-traded companies by the end of 2018, the company said on Tuesday.

Honeywell said the two businesses were together worth $7.5 billion (5.68 billion pounds)in annualised sales. The changes defy calls by one of its shareholders, activist hedge fund Third Point LLC, to spin off its aerospace division.

(This version of the story corrects headline and second paragraph to show value referred to annualised sales.)

Reporting by Ankit Ajmera and Arunima Banerjee in Bengaluru

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