USA: Honeywell is to spin off its home HVAC controls and security businesses as well as its transportation systems business to create two new publicly-listed companies.
Described as the culmination of a rigorous portfolio review, the changes will also see Ingersoll Rand’s Gary Michel heading the new Home and Building Technologies (HBT) strategic business group as CEO. In addition, Honeywell’s Smart Energy business unit, previously part of HBT, will be integrated into the Process Solutions unit within Honeywell Performance Materials and Technologies – the division which includes Honeywell’s refrigerants business.
Gary Michel held a series of leadership roles at Ingersoll Rand over the past 32 years. Most recently, he served as senior vice president and president, residential HVAC and supply. He succeeds Terrence Hahn, who will move to a leadership role reporting to president and CEO Darius Adamczyk.
“Today’s announcement marks the culmination of a rigorous portfolio review involving a detailed assessment of every Honeywell business. As part of that review, we analyzed numerous criteria, including growth outlook, financial performance, market dynamics, potential for disruption, and, most importantly, assessment of fit as a Honeywell business,” said Adamczyk.