MORRIS PLAINS, NJ, June 14, 2018 – Honeywell (NYSE: HON) today announced that its Transportation Systems business will rebrand itself "Garrett - Advancing Motion" upon successful completion of the previously announced spin which is expected to close before the end of the third quarter.

The Garrett name ties back to Honeywell's turbo origins in the 1950s. At that time, entrepreneur and engineer Cliff Garrett led a project team to develop a turbocharger for a Caterpillar D9 crawler tractor that launched in 1954, marking the beginning of the turbocharged era for the automotive industry. Since then, Transportation Systems technologies and innovations have been used by nearly every major global auto maker, resulting in approximately 100 million vehicles with our products and an average launch rate of 100 new applications annually spanning, gas, diesel, natural gas, electric and fuel cell powertrains.

Honeywell Transportation Systems has been using the Garrett name to brand its current portfolio of aftermarket replacement and performance upgrade turbochargers for gasoline and diesel passenger and commercial vehicles. The decision was made to name the new company Garrett to acknowledge its long history of innovation while adding the tag line " Advancing Motion" to embrace the future and the broader portfolio of differentiated products and services that Transportation Systems offers its global customers. The new Garrett company is well-positioned to be a global leader in turbocharger technologies with best-in-class engineering capabilities for a broad range of engine types across automobile, truck and other vehicle markets. It will build upon its established track record as an industry leader by providing innovative solutions helping auto makers develop electrified powertrains with our eBoosting solutions and connected vehicles that use our software for safe and secure performance.

"There is a strong emotional attachment to the Garrett name, which has stood for pioneering turbo technology for more than 60 years and has made an indelible mark on the driving habits of millions of vehicle owners as well as the history of automotive engine performance," said Transportation Systems President and CEO Olivier Rabiller, "Moving forward, the Garrett name will continue to be synonymous with turbocharging technologies and also support the tangible progress and investments we have made in electric products, software and connected vehicles, and the future growth we see reshaping our industry.

"We believe the next generation of vehicles will require a complementary mix of high-performance technologies to meet more stringent global environmental standards and demands for safer and more reliable electrified powertrains and connected cars," said Rabiller. "We see our role as an enabler for redefining and advancing how technology will move people and goods. Garrett Advancing Motion captures both our traditional automotive domain experience as well as our capability for applying cross-industry excellence to solve problems."

On Oct. 10, 2017, Honeywell announced its intention to spin its Transportation Systems business as well as its Honeywell Homes product portfolio and ADI global distribution business into two standalone, publicly traded companies. Garrett Motion Inc will be the legal entity name of the publicly-traded company upon successful completion of the spin (www.GarrettMotion.com). The Homes spin is expected to close by the end of the year.

Honeywell (www.honeywell.com) is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; turbochargers; and performance materials. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.

This release contains certain statements that may be deemed “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices, as well as the ability to effect the separations. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements, including with respect to any changes in or abandonment of the proposed separations. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.

• Plans to Spin Homes and the ADI Global Distribution Business, a ~$4.5B Business, and Transportation Systems, a ~$3.0B Business, into Two Independent, Publicly-Traded Companies by End of 2018
• Prospective Honeywell Portfolio Consists of High-Growth Businesses with Strong Operational and Technology Synergies, Focused on Six Key End Markets
• Independent Investment Decisions Will Position Spins to Thrive in Evolving End Markets
• Company Previews 3Q17 Results: Sales Up ~3% Reported, Up ~5% Organic; Earnings Per Share of ~$1.75
• New Leader Appointed for Home and Building Technologies Business Group; Smart Energy Business to Align with Performance Materials and Technologies

MORRIS PLAINS, N.J., October 10, 2017 -- Honeywell (NYSE: HON) today announced the results of its comprehensive portfolio review, including its intention to separately spin off its Homes product portfolio and ADI global distribution business, as well as its Transportation Systems business, into two stand-alone, publicly-traded companies. The planned separation transactions are intended to be tax-free spins to Honeywell shareowners for U.S. federal income tax purposes and are expected to be completed by the end of 2018.

“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 Honeywell President and CEO Darius Adamczyk.

“The remaining Honeywell portfolio will consist of high-growth businesses in six attractive industrial end markets, each aligned to global mega trends including energy efficiency, infrastructure investment, urbanization and safety. These businesses are best positioned to leverage Honeywell synergies from our technologies, financial and business models, and talent. Our simplified portfolio will offer multiple platforms for organic growth and margin expansion through further deployment of our world-class HOS Gold operating system and the Honeywell Sentience Platform. Honeywell will also have multiple levers for continuing to execute an aggressive capital deployment strategy, including a vigorous and disciplined M&A program.

“The spun businesses will be better positioned to maximize shareowner value through focused strategic decision making and capital allocation tailored for their end markets,” Adamczyk said. “At Honeywell, we will continue our track record of execution, delivering growth, margin expansion, and aggressive capital allocation for our shareowners.”

The new Homes and Global Distribution business will be a leader in the home heating, ventilation and air conditioning (HVAC) controls and security markets, and a leading global distributor of security and fire protection products. The business is expected to have annualized revenue of approximately $4.5 billion, a high-yield credit rating, approximately 13,000 employees, and financial responsibility for certain Honeywell legacy liabilities.

The new Transportation Systems business will be a global leader in turbocharger technologies with best-in-class engineering capabilities for a broad range of engine types across global automobile, truck and other vehicle markets. The business is expected to have annualized revenue of approximately $3 billion, a high-yield credit rating, approximately 6,500 employees and financial responsibility for Honeywell legacy automotive segment liabilities in an amount equal to our Bendix legacy asbestos liability.

The planned separations will not require a shareowner vote. Each spin-off will be subject to finalization of the contours of the spun-off business, assurance that the separation will be tax-free to Honeywell shareowners for U.S. federal income tax purposes, finalization of the capital structure of the three corporations, the effectiveness of appropriate filings with the U.S. Securities and Exchange Commission, final approval of the Honeywell Board of Directors, and other customary matters.

Company Previews Anticipated Strong Third-Quarter Results; Raises Low-End of Full-Year Guidance

Honeywell announced it anticipates strong third-quarter results. Sales are expected to be $10.1 billion, up 3% reported and up 5% organic, and earnings per share is expected to be $1.75, up 9% reported and up 16%* ex-divestitures, normalized for tax at 26%, driven by strong results at its Aerospace and Performance Materials and Technologies business groups. The Company also raised the low-end of its full-year 2017 earnings per share guidance by 5 cents to a new range of $7.05 - $7.10, excluding any pension mark-to-market adjustment. The Company will hold its quarterly earnings announcement on Friday, October 20, at 9:30 a.m. EDT.
* Earnings per share variance excludes 2016 divestitures and approximately $60 million of additional 3Q17 restructuring funding enabled by a lower than planned effective tax rate, normalized for tax at 26%.

New Leader Appointed for Home and Building Technologies Business Group

Effective immediately, Gary Michel will serve as president and CEO of Honeywell’s Home and Building Technologies (HBT) strategic business group. Michel will report to Adamczyk and serve as a company officer. Michel succeeds Terrence Hahn, who will move to a leadership role reporting to Adamczyk and will help prepare the Homes and ADI businesses for the spin.

Michel joins Honeywell from Ingersoll-Rand Company, where he has held a series of large leadership roles over the past 32 years. Most recently, he served as senior vice president and president, Residential HVAC and Supply, which he transformed to deliver substantial improvements in revenue and market share, operating income, commercialization processes, and technology platforms. Michel has also led Ingersoll-Rand’s Club Car; Road Development - Construction Technologies; and Utility Equipment - Construction Technologies businesses. Michel has held several other roles, including executive director, Corporate Development, and general manager, Aftermarket Division, for Europe, the Middle East and Africa. Michel earned his B.S. in mechanical engineering at Virginia Tech and his M.B.A. at the University of Phoenix.

“Gary has proven himself to be an innovative and energetic leader with a deep understanding of his customers and end markets and the ability to translate this knowledge into technology-differentiated offerings that bring value to customers,” Adamczyk said. “Gary is a welcome addition to our team and will help Honeywell continue to be a leader in connected technologies, building on our great positions in growing industries.”

Smart Energy Business to Align with Performance Materials and Technologies

In addition, Honeywell’s Smart Energy business unit, previously part of HBT, will immediately be integrated into the Process Solutions unit within Honeywell Performance Materials and Technologies. Honeywell Smart Energy enables utilities and distribution companies to deploy advanced capabilities that transform operations, improve reliability and environmental sustainability, and better serve customers. Its wide array of meter offerings will complement an existing meter portfolio within Process Solutions. Honeywell’s Process Solutions unit is a pioneer in process automation control and industrial cyber-security, and a global leader in optimizing and protecting manufacturing assets in the refining, pulp and paper, industrial power generation, chemicals and petrochemicals, biofuels, pharmaceuticals, and metals, minerals and mining industries.

“Both Smart Energy and Process Solutions have deep expertise in metering, large project roll-outs and software, and both can leverage the Honeywell Sentience Platform to utilize vast quantities of user data to generate new products and services that help customers operate more efficiently,” Adamczyk said. “Both businesses are project-based with opportunities for recurring revenue streams. We are excited about the combination of these two businesses, which will allow them to expand their respective capabilities and serve a broader set of customers.”

Investor Conference Call

Honeywell will discuss the transactions during an investor conference call today starting at 8 a.m. EDT. To participate in today's conference call, please dial (800) 239-9838 (domestic) or (719) 325-2231 (international) approximately 10 minutes before the 8 a.m. EDT start. Please mention to the operator that you are dialing in for Honeywell's portfolio review call or provide the conference code 4605029. The live webcast of the investor call as well as related presentation materials will be available through the "Investor Relations" section of the company's Website (www.honeywell.com/investor). Investors can hear a replay of the conference call from 12 p.m. EDT, October 10, until 12 p.m. EDT, October 17, by dialing (888) 203-1112 (domestic) or (719) 457-0820 (international). The access code is 4605029.

Honeywell is a Fortune 100 software-industrial company that delivers industry specific solutions that include aerospace and automotive products and services; control technologies for buildings, homes, and industry; and performance materials globally. Our technologies help everything from aircraft, cars, homes and buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.

This release contains certain statements that may be deemed “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate.

The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices, as well as the ability to effect the separations and meet the related conditions noted above. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements, including with respect to any changes in or abandonment of the proposed separations. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission. In addition, third-quarter results contained herein are preliminary and may differ from our actual results that will be reported in our third-quarter earnings release and Form 10-Q filed on October 20, 2017.

ROLLE, Switzerland, May 18, 2018 /PRNewswire/ -- Honeywell (NYSE: HON) today announced Alessandro Gili has been named Chief Financial Officer for its Transportation Systems business, a position he previously held with luxury performance sports car maker Ferrari since 2015. Gili will join the Transportation Systems leadership team June 1 as it prepares to spin into a standalone, publicly traded company by the end of the third quarter.

"Alessandro is a proven leader and performance-driven strategist with a successful track record in the automotive industry for nearly 20 years," said Honeywell Transportation Systems President and CEO Olivier Rabiller. "His considerable experience - which includes the management and completion of the IPO and spinoff of the Ferrari Group from FCA in 2015-16 -- will help guide our turbo and developing businesses as a newly independent company. Alessandro is a key addition to our leadership team as we develop our business and differentiated technologies supporting the growth of the automotive industry."

Prior to Gili's current role, he served as Vice President, Corporate Controller, and Chief Accounting Officer for Fiat Chrysler Automobiles (FCA) from 2011 to 2015. Prior to that, he held multiple positions with Fiat, FCA US and FCA, including Group Chief Accounting Officer and Principal Accounting Officer, and Vice President of World Class Finance and Processes. He began his career at FCA in 2002 as an Account Executive for Fiat Auto. Earlier in his career, Gili worked with financial consulting firms KeyG Consulting and Irma Consultants in Italy after beginning his career as an auditor with Coopers & Lybrand in 1994.

"I am grateful for the opportunity to move from one iconic company to another, and to contribute to defining our role as a global automotive technology leader at such an important time in the history of the company and our industry," Gili said. "This is a talented organization with a very bright future."

On Oct. 10, 2017, Honeywell announced its intention to spin its Transportation Systems business as well as its Honeywell Homes product portfolio and ADI global distribution business into two standalone, publicly traded companies. The planned Transportation Systems spin is expected to be completed by the end of the third quarter of 2018. The planned Homes spin is expected to be completed by the end of 2018.

The new Transportation Systems business will be a global leader in turbocharger technologies with best-in-class engineering capabilities for a broad range of engine types across global automobile, truck and other vehicle markets. The business is expected to have annualized revenue of approximately $3 billion, a high-yield credit rating and approximately 6,500 employees. Transportation Systems currently serves more than 150 countries and develops on average more than 100 new applications each year. Transportation Systems is building upon its 65-year reputation as an industry leader by providing innovative solutions helping auto makers develop electrified powertrains with our eBoosting solutions and connected vehicles that depend upon our software for safe and secure performance.

Honeywell (www.honeywell.com) is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes, and industry; turbochargers; and performance materials. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.

MORRIS PLAINS, N.J., May 4, 2018 – Honeywell (NYSE: HON) today announced that Olivier Rabiller has been appointed to continue to lead Transportation Systems as President and CEO after it spins into a standalone, publicly traded company between now and the end of the third quarter. Olivier has led Transportation Systems since July 2016, capping a series of increasingly large leadership roles he has held since joining Honeywell in 2002.

“Olivier is a highly effective leader who is well-respected in the automotive industry and has played a key role in the sustained outperformance of his business within Honeywell. We are excited about what Transportation Systems will accomplish as an independent company under Olivier’s leadership,” said Honeywell Chairman and CEO Darius Adamczyk. “Transportation Systems is a global leader in turbocharger technologies, and it is rapidly expanding its range of technologies to meet the needs of vehicles with electrified powertrains – these include eBoosting solutions, and high-performance electric compressors for hydrogen fuel cell vehicles. The business is also introducing leading software solutions that monitor vehicle performance and health, and offer state-of-the-art cybersecurity.”

Prior to Rabiller’s current role, he served as Vice President and General Manager of Transportation Systems for High Growth Regions, Business Development, and Aftermarket, for two years. Prior to that, he served two years as Vice President and General Manager, Transportation Systems Aftermarket. Earlier positions within Honeywell included roles as the Vice President of Sourcing for Transportation Systems for three years; Vice President of Customer Management for Passenger Vehicles at Honeywell Turbo Technologies; Vice President, European Sales and Customer Management; and Director of Marketing and Business Development for the European region. Rabiller joined Honeywell in 2002 as Senior Program Manager and Business Development Manager for Turbo Technologies EMEA. He also served for seven years at Renault in Customer Services, Engine Project Management and Purchasing. He holds an engineering degree from Ecole Centrale Nantes and an MBA from INSEAD. He is fluent in French, English and Portuguese.

“It is an honor to have this opportunity to lead our business with its extremely talent workforce and world-class technology portfolio into the post-spin era,” Rabiller said. “We look forward to continuing to work with our customers and suppliers to advance the state of the art in the vehicle industry, all for the benefit of drivers who are seeking the utmost in performance and efficiency.”

On October 10, 2017, Honeywell announced its intention to separately spin off the Transportation Systems business, as well as its Honeywell Homes product portfolio and ADI global distribution business, into two standalone, publicly traded companies. The planned Transportation Systems spin is expected to be completed by the end of the third quarter of 2018. The planned Homes spin is expected to be completed by the end of 2018.

The new Transportation Systems business will be a global leader in turbocharger technologies with best-in-class engineering capabilities for a broad range of engine types across global automobile, truck and other vehicle markets. The business is expected to have annualized revenue of approximately $3 billion, a high-yield credit rating, and approximately 6,500 employees. Transportation Systems currently serves more than 150 countries and develops more than 100 new applications each year.

Honeywell (www.honeywell.com) is a Fortune 100 software-industrial company that delivers industry specific solutions that include aerospace and automotive products and services; control technologies for buildings, homes, and industry; and performance materials globally. Our technologies help everything from aircraft, cars, homes and buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.

MORRIS PLAINS, N.J., July 16, 2018 /PRNewswire/ -- Honeywell (NYSE: HON) today announced that Carlos Cardoso has been appointed as Chairman of the Board for its Transportation Systems business as it prepares to spin into a standalone, publicly traded company, Garrett Motion Inc. (www.garrettmotion.com). Cardoso, an accomplished global executive with more than two decades of experience in leading industrial companies, will begin his role upon the successful completion of the spin, which is expected by the end of the third quarter.

"Carlos has distinguished himself as a successful leader of public companies with extensive experience in manufacturing and distribution operations. He has a strong track record of successful portfolio management and asset allocation in support of growth," said Honeywell Chairman and CEO Darius Adamczyk. "The addition of Carlos as Chairman strengthens an already well-equipped global business leadership team led by President and CEO Olivier Rabiller to accelerate business growth amid a dynamic and evolving automotive industry. Carlos will be a great fit for the Transportation Systems business as it moves forward as Garrett after the spin, and he and Olivier will collaborate very effectively to provide leading vehicle technologies that will help carmakers be successful as the industry evolves toward lower emission powertrains and more electrified and connected vehicles."

"The automotive industry is truly a global enterprise, and I am excited to help steward a new company with proven technology and capability into a new era of transportation," said Cardoso. "The new Garrett business will further distinguish itself as a trusted and valued enabler of more fuel efficient, safer and more secure vehicles in an increasingly connected world."

Cardoso is the principal of CMPC Advisors focusing on helping private equity companies make investments in the industrial, manufacturing and distribution sectors since January 2015. He also is an active board member of the Stanley Black & Decker and Hubbell Corporation, and serves on the Fairfield University Board of Trustees. From 2006 to 2014, Cardoso was Chairman and Chief Executive Officer of Kennametal, a $3 billion global leader in metalworking solutions and engineered components serving a diverse set of industrial and infrastructure markets, where he realigned the business portfolio for growth and diversification. Prior to Kennametal, Cardoso held leadership roles at Flowserve and Honeywell Aerospace. Cardoso was named one of America's "Best Chief Executive Officers" by Institutional Investor Magazine. He served as Chairman of the Manufacturers Alliance / MAPI, co-chaired the Pennsylvania Governor's Manufacturing Council and served on the Department of Commerce's Manufacturing Council. Cardoso holds a bachelor's degree in business administration from Fairfield University and a master's degree in management from Rensselaer Polytechnic Institute, and he received an honorary Doctor of Humane Letters degree from Saint Vincent College in Latrobe, Pa. He also participated in the Executive Management Program at Cornell University.

In May, Honeywell announced that Rabiller will continue to lead Transportation Systems as President and CEO after it spins and becomes Garrett. Rabiller has led Transportation Systems since July 2016, capping a series of increasingly large leadership roles he has held within the business since joining Honeywell in 2002.

Transportation Systems is a global leader in turbocharger technologies with best-in-class engineering capabilities for a broad range of engine types across global automobile, truck and other vehicle markets. Transportation Systems currently serves more than 150 countries and develops on average more than 100 new applications each year. After the spin, Garrett is expected to have annualized revenue of approximately $3 billion, a high-yield credit rating and approximately 6,500 employees. The new company will build upon its 65-year reputation as an industry leader by providing innovative solutions helping auto makers develop electrified powertrains with eBoosting solutions and connected vehicles that depend upon advanced software for safe and secure performance.

Honeywell (www.honeywell.com) is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes, and industry; turbochargers; and performance materials. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.

This release contains certain statements that may be deemed "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices, as well as the ability to effect the separations. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements, including with respect to any changes in or abandonment of the proposed separations. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.