The industrial conglomerate, Honeywell (NASDAQ: HON) announced a major business reorganization into three business segments: Automation, the Future of Aviation, and Energy Transition. The company expects that this move will result in its organic sales growing at a faster pace and “inorganic capital deployment, creating greater value for shareholders.”
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The restructuring will begin in the first quarter of next year. The company also announced a management rejig as a part of this business restructuring. The company stated in its press release that “effective from January 1, 2024 Lucian Boldea will serve as president and CEO of the Industrial Automation segment, and Ken West will serve as president and CEO of the Energy and Sustainability Solutions segment.”
Meanwhile, Billal Hammoud will continue as President and CEO of the renamed Building Automation segment, while Jim Currier will remain the President and CEO of the renamed Aerospace Technologies segment. Kevin Dehoff will continue as the President and CEO of Honeywell Connected Enterprise.
The company anticipates strong Q3 and full-year results in line with earlier guidance, driven by aerospace and technology sectors.
Is Honeywell a Buy Hold or Sell?
Analysts are cautiously optimistic about HON stock with a Moderate Buy consensus rating based on eight Buys, three Holds, and one Sell.
