With Garrett filing bankruptcy, 1.1 billion asbestos lawsuit will be back on Honeywell's balance sheet.
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Wasn't this spin-off done by the same guy that is now running Aerospace ISC? That's not very confidence inspiring. Sounds like he set them up for failure. Of course, they will blame covid-19. But I don't see many other major automotive suppliers going under....
Even IF and I say IF... they pay the 1.1B.... that leaves them nearly 9B sitting on the coffee table in Charlotte..... BUT, most assuredly DA will use this issue to accelerate the divestiture of talent . Buckle up buttercup here comes the roller coaster ride RIF tide.
DA is not a car guy, nor an Aero guy, or anything Hon is /was. He wants a software and technology co that pulls recurring revenues out of thin air. Good luck with that. Other than this he wants to use Hon to make himself rich.
https://www.wsj.com/articles/auto-supplier-garrett-motion-nears-bankruptcy-sale-to-kps-11600445792
So now we know the real reason for the divestiture.
Sacrifice a great institution and include a poison pill.
It is my wish that DEA will get zero bonus this year, but we know that this piece of sh– will be richer than ever in a year of Pandemic in his life