Honeywell Announces Portfolio Alignment To Critical Megatrends

(RTTNews) - Honeywell (HON) announced plans to realign its business segments to three megatrends: automation, the future of aviation, and energy transition. The updated reporting structure will include four segments: Aerospace Technologies; Industrial Automation; Building Automation; and Energy and Sustainability Solutions. The company said this shift will enable Honeywell to deliver accelerated organic sales growth and inorganic capital deployment. The new segmentation will take effect beginning first quarter 2024.

Effective January 1, 2024, Lucian Boldea will serve as president and CEO of the Industrial Automation segment. Ken West will serve as president and CEO of the Energy and Sustainability Solutions segment. Billal Hammoud will remain President and CEO of the renamed Building Automation segment. Jim Currier will remain President and CEO of the renamed Aerospace Technologies segment. Kevin Dehoff will remain President and CEO of Honeywell Connected Enterprise.

Honeywell expects strong third-quarter results in line with previously-issued guidance ranges for sales and segment margin, led by strong results in its Aerospace and Performance Materials and Technologies business groups. The company said its earnings per share is projected to be within or above the previously-issued guidance range, and full year results are expected to be within the previously-issued guidance ranges.