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2 个月前
Honeywell to decide by fall whether to spin off aerospace unit
2017年5月23日 / 晚上9点48分 / 2 个月前

Honeywell to decide by fall whether to spin off aerospace unit

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May 23 (Reuters) - Honeywell International Inc said on Tuesday it would decide by fall this year whether to separate its aerospace business, a move hedge fund Third Point LLC wants the U.S. industrial conglomerate to pursue.

Third Point, run by billionaire Dan Loeb, last month said Honeywell should spin off the aerospace division, saying the separation could create more than $20 billion in shareholder value.

"I am aligned with Third Point ... we do have an opportunity to simplify our portfolio. How we do that, well, we're still assessing that," Honeywell Chief Executive Darius Adamczyk said at the Electrical Products Group conference at Longboat Key, Florida.

Adamczyk said investors could expect one of three outcomes on the aerospace business by fall this year: "do nothing", pursue a spin off, or do "something different."

Honeywell's aerospace business makes auxiliary power units and engines for aircraft made by Bombardier Inc, Textron Inc and General Dynamics Corp.

The business is Honeywell's biggest, generating $14.75 billion in sales last year.

Up to Tuesday's close, Honeywell's shares had climbed 13.8 percent this year, almost double the 7.1 percent increase in the S&P 500.

Third Point owned nearly 1.4 million shares of Honeywell as of March 31. (Reporting by Ankit Ajmera in Bengaluru; Editing by Sai Sachin Ravikumar)

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