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Honeywell International : Cedar Rapids office not among spinoffs

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10/13/2017 | 03:32pm CEST

Oct. 13--CEDAR RAPIDS -- Honeywell International operations in Cedar Rapids are not among those the company plans to spin off next year, a spokesman said Thursday.

"The Honeywell facility in Cedar Rapids is not related to the companies that are being spun off," spokesman Scott Sayres told The Gazette.

Morris Plains, N.J.-based Honeywell announced earlier this week it plans to separate some of its business division into their own companies. Honeywell will spin off its Homes and ADI global distribution business into one company and its Transportation Systems business into another. The spinoffs are expected to be complete by the end of 2018.

Sayres said Honeywell does not disclose employee counts for specific locations due to competitive reasons. A 2016 count by the Cedar Rapids Metro Economic Alliance estimated Honeywell has about 220 employees in the city.

Sayres could not say whether Honeywell's spinoffs would affect employment levels in Cedar Rapids.

"We're still in the early stages of this announcement. We're working out all the details on the spinoffs and how that's going to work with sites, locations, leadership, all of that. Those details have not been decided yet," he said.

Honeywell came to Cedar Rapids when it acquired Intermec in 2013 for $600 million. Intermec made radio-frequency identification and voice recognition systems, bar code scanners and printers, and other equipment.

In 2013, the company opened an 81,000-square-foot building downtown at 601 Third St. SE.

The Intermec operations are now a part of Honeywell's Safety and Productivity Solutions division, Sayres said. Cedar Rapids operations are focused on engineering, sales and information technology services, Sayres said.

Honeywell reported net sales of $39.3 billion in 2016 and had about 131,000 employees worldwide.

l Comments: (319) 398-8366; matthew.patane@thegazette.com

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(c)2017 The Gazette (Cedar Rapids, Iowa)

Visit The Gazette (Cedar Rapids, Iowa) at thegazette.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

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Financials ($)
Sales 2018 43 429 M
EBIT 2018 8 184 M
Net income 2018 5 888 M
Debt 2018 7 641 M
Yield 2018 1,81%
P/E ratio 2018 21,45
P/E ratio 2019 18,93
EV / Sales 2018 3,02x
EV / Sales 2019 2,88x
Capitalization 124 B
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Number of Analysts 21
Average target price 177 $
Spread / Average Target 6,1%
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Managers
NameTitle
Darius Adamczyk Chairman & Chief Executive Officer
Greg Lewis Chief Financial Officer & Senior Vice President
Krishna Mikkilineni SVP-Engineering Operation & Information Technology
Jaime Chico Pardo Lead Independent Director
Bradley T. Sheares Independent Director
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