Hearing TH Lee is really going for Intelligrated. The question will be whether they merge with Fortna and keep them separate. Wonder when it will all happen???
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Okay, what's the story here. This was supposed be announced today. I expected it to be by end of day. Is Fortna going to save us Intelligrated people or what? I can't wait to be under someone else's umbrella. Honeywell, set us free!
As I recall, Honeywell paid 1.3 Bil for Intelligrated in 2016. Intelligrated had right at 1.0 Bil in revenues. Now, it looks like Intelligrated is around 500-600 Mil in revenue. (Thanks to Honeywell). Just on that, I'd expect 750 Mil to be a reasonable price? But what do I know? Nothing evidently. Maybe the Fortna announcement will be at the end of the day? Fingers crossed!
Fortna(MHS + Others) would be interesting, they do have the capital to pull it off. They moved very fast in their merger and aligned everything. They also went through industry wide melt down from Amazon and have started hiring again and promoting people. I got to think that HW would want more than they paid for the org but with sales in the dumpster ($1b or less this yr according to the SEC 10-Q report) I do not think they will get more than $2b for the whole operation.
There are more SPS businesses for sale apparently, small industries and loose lips ;)
New management is needed to intermediate the layoffs, lessen the sting, as the existing teams will all be canned for performance reasons, its always the same recipe. You obviously don't know the HON playbook.
Wash, rinse, repeat, to keep looking like HON is profitable.
There were a total of 6 people in the announcement. 3 were replacements for folks that have done the smart thing and left Honeywell. The other 3 were either promotions or the taking on additional responsibilities. So there was no new hiring for new roles. I still think Honeywell is trying offload Intelligrated because Honeywell does not know how to handle a project oriented business model such as Intelligrated. Honeywell wants to build and support widgets.
What would be the reasoning to hire middle managers in order to close a site down? That doesn’t really make sense to me.
@4nzv+1pYR3GM2- "There's an influx of new middle managers being hired, I don't think that's normally a sign of a company being sold."
You are 100% correct. From my experience being on ISC "transition" teams for the past 20 years, this is indicative of HW closing down the site and offloading all employees before selling. See what's going on with the Fairfield, Ohio SPS media site for reference.
Intelligrated is DOOMED. HW wont allow it to happen any other way.
Curious...What accouncements were made that seemed a little odd? What did I miss....I was fixing another stupid problem no one knows how to fix.
@4nzv+1pYR3GM2
Maybe this influx is to fill out positions that would be required in the newly spun-off lntelligrated? That was an unusual number of announcements this morning.
There's an influx of new middle managers being hired, I don't think thats normally a sign of a company being sold.
Heard word the deal was inked last week and they are still working through some TsCs before they go public.
I see an extreme level of redundancy between Fortna (+ MHS) and IGS. An acquisition would be interesting, although I’m not sure if I would stay if this came to pass.
There's no way they'd keep them operating as separate companies long term, in the very beginning sure. If it goes though it will be bad news for some people, there's some overlap. Even if I end up getting the axe, I'd welcome the change. Honeywell is incapable of running a material handling company, they've proven that much.