Rumor is HBS is sold and it seems to have some credence this time. I don't know about the rest of HBT (I just heard HBS) or PMT and SPS. Rumor is HBS sale was to happen over labor day weekend, so Friday 9/8 announcement falls in line with with that. Not sure if more RIFs, but wouldn't be surprised.
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If Darius doesn't want ADI in the portfolio, then he must be considering exiting the security business completely because they are the only part of security that is doing well. Maybe that's because they sell products that compete with Honeywell products. Lower margin business, but getting rid of distribution will kill the Honeywell products business.
HBS has been up for sale for years.
I doubt the big HBT announcement was the security and fire split. Darius has made it clear ADI shouldn't be a HON business. And he has doubts for HBS which I bet he sells to JLL (Jones Lange lasalle) by the end of the year. Or to some similar service business
Well for SPS they announced moving over 100 USA customer service jobs from RI, IL and other states to San Luis Potesi (SLP) Mexico over the next few months and then RIFing the staff. And ey did the same to other finance and accounting jobs a few months ago. HON made a deal with SLP to create X number of jobs so there will be more cuts in other SBGs over time
Maybe this structure allows them to explore options to divest of security. Fire has always been a good business, but security has struggled recently and they might be able to extract some value if they sold it. Probably need to secure the ADT business first and then sell it quickly before the margin impact of the new contract.
Who had the bright idea to put Security and Fire together in the first place? It's been disastrous.
I wouldn't call separating security and fire a "big announcement" it's been separated and put together two times before....who cares really
as for HBS...I believe they pulled what they wanted out of HBS like two years ago before they put it up for sale. it's been on the block for at least two years. Another who really cares to be frank.
What P&L? Global home and global buildings? Or another one?
Security and Fire announced today a separation two separate business leaders with to separate P&L's. Reporting into one Global Leader overseeing both.
Since sale of a large operation would affect the stock price, a private announcement about it would not happen before a public one.