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HONEYWELL INTERNATIONAL INC.

(HON)
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Honeywell Unit to Combine With Cambridge Quantum Computing to Create Standalone Company

06/08/2021 | 08:54am EDT

By Dave Sebastian

Honeywell International Inc. said its quantum-computing business is combining with Cambridge Quantum Computing to create a standalone company.

Honeywell on Tuesday said it will own a majority stake in the new company. It will invest between $270 million and $300 million in the entity and have a long-term agreement to help make the ion traps needed to power the quantum hardware.

Honeywell Chairman and Chief Executive Darius Adamczyk will serve as the new entity's chairman. Cambridge Quantum Computing founder and Chief Executive Ilyas Khan will lead the entity, while Honeywell Quantum Solutions President Tony Uttley will become the entity's president.

The combined company will have a staff of more than 300, Honeywell said.

The company said it expects the combination to close in the third quarter. Honeywell said it maintains its 2021 financial outlook as a result of the transaction. It said it will announce the new company's name at a later date.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

06-08-21 0853ET

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL -0.21% 33874.24 Delayed Quote.10.91%
HONEYWELL INTERNATIONAL INC. -0.39% 214.66 Delayed Quote.1.31%
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Financials (USD)
Sales 2021 34 800 M - -
Net income 2021 5 641 M - -
Net Debt 2021 7 768 M - -
P/E ratio 2021 26,9x
Yield 2021 1,68%
Capitalization 150 B 150 B -
EV / Sales 2021 4,52x
EV / Sales 2022 4,19x
Nbr of Employees 103 000
Free-Float 72,4%
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Mean consensus OUTPERFORM
Number of Analysts 26
Last Close Price 215,49 $
Average target price 235,31 $
Spread / Average Target 9,20%
EPS Revisions
Managers and Directors
NameTitle
Darius Adamczyk Chairman & Chief Executive Officer
Gregory P. Lewis Chief Financial Officer & Senior Vice President
Krishna Mikkilineni SVP-Engineering Operation & Information Technology
Suresh Venkatarayal Chief Technology Officer
Victor J. Miller Secretary, Chief Compliance Officer & VP
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