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Honeywell spins off units worth $7.5 billion in sales, keeps aerospace

Published 10/10/2017, 07:39 AM
© Reuters. FILE PHOTO: A logo of Honeywell is pictured on their booth during EBACE in Geneva
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(Reuters) - U.S. manufacturer Honeywell International Inc (NYSE:HON) will spin off its home and ADI global distribution business and transportation systems into two independent, publicly-traded companies by the end of 2018, the company said on Tuesday.

Honeywell said the two businesses were together worth $7.5 billion in annualized sales. The changes defy calls by one of its shareholders, activist hedge fund Third Point LLC, to spin off its aerospace division.

© Reuters. FILE PHOTO: A logo of Honeywell is pictured on their booth during EBACE in Geneva

(This story corrects headline and second paragraph to show value referred to annualized sales.)

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