Opening a new chapter in transformation, the business portfolio resonates with key industry trends
Simplify the structure to facilitate innovative strategies and accelerate endogenous growth potential
The optimized business mix creates favorable conditions for the deployment of strategic non-endogenous growth capital
Charlotte, North Carolina, USA, October 13, 2023 – Honeywell today announced plans to restructure its business portfolio to focus on three major trends: automation, the future of aviation and the Energy transition. This portfolio change will enable Honeywell to accelerate both organic sales growth and capital deployment for non-organic growth, creating greater value for shareholders. The new division of business groups will be effective from the first quarter of 2024.

“We are committed to differentiated profitable growth.” Honeywell CEO Vimal Kapur said, “After a comprehensive review of our business portfolio, we plan to build our business around three strong key trends, each of which is underpinned by our strong digital capabilities and solutions. “The simplified architecture will enable Honeywell to realize synergies that will accelerate innovation, leverage financial advantages, and unlock greater value through Honeywell accelerator operating systems.”

“As we enter a new chapter in our transformation, this change will allow us to continue to upgrade our financial algorithms, innovate to help solve the world’s toughest sustainability and digital challenges, and deploy capital more efficiently.”

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The division of business groups resonates with the three major development trends

The updated organizational structure will include four business groups, supported by the Honeywell Accelerator operating system and the Honeywell Connected Enterprise integrated software platform, enabling Honeywell to better serve its customers. And enable the company to perform well in any environment.

Aerospace Technologies: Honeywell’s aerospace products are used on virtually every commercial aircraft platform in the world and will continue to lead the future of aviation, including advancing advanced air mobility and achieving greater sustainability through aircraft electrification.

Industrial Automation: Building on a more than 50-year history in industrial automation, Honeywell empowers process industrial operations to build leading sensor technology that facilitates supply chain automation, makes warehouses smarter, and improves worker safety. Building on our core strengths in control and automation technologies, this combined business will help customers achieve better business outcomes and drive Honeywell’s growth.

Building Automation: Through hardware, software, sensors and data analytics, Honeywell helps customers transform buildings into integrated, safe and more sustainable assets. Honeywell’s solutions and services are used in more than 10 million buildings worldwide, and the Smart Building Technologies Group will continue to strengthen Honeywell’s position in end markets such as hospitals, airports, educational facilities and data centers.

Energy and Sustainability Solutions: For decades, Honeywell has focused on sustainability to help drive the energy transition, increase resilience and efficiency, reduce greenhouse gas emissions, and promote a circular economy. Honeywell’s expertise in this area will continue to help solve the toughest global challenges in all end markets.