LOS ANGELES (Reuters) - US industrial group Honeywell said on Tuesday after a review of its portfolio that it intends to split the ADI and ADI global distribution products business into two companies listed independently by the end of 2018.
In this way, the spin-off will be that its business related to the products for the home and the global distribution ADI will form a single company that will have revenues of 4.5 billion dollars (3,815 million euros), while , on the other hand, the transport systems business, with a turnover of 3,000 million dollars (2,544 million euros) will be established as another totally independent company.
"This operation marks the culmination of the rigorous portfolio review, which involves a detailed assessment of each Honeywell business," Honeywell President and CEO Darius Adamczyk said. Thus, many criteria have been analyzed, including growth prospects, financial returns or market dynamics.
In this regard, Adamczyk explained that the remaining portfolio will consist of high growth businesses in six "attractive" industrial markets, each aligned with global trends such as energy efficiency, infrastructure investment or security.
The spin-off business will thus be "better positioned" to maximize shareholder value through strategic decision making and optimal capital allocation, the company explains.
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