The Earnings call today on www.honeywell.com Investors section for October 19, 2018. About 30 minutes in and in the presentation file. Over $300 million in restructuring. And they say they have only reduced about 50% of the "stranded costs" from the spinoffs and now will really focus on those reductions. They will finish cutting all the stranded costs in 2019. I guess that means some layoffs for Christmas and for Easter...... and 4th of July. Tis' the season for RIFs???
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Loyal employees that stay until December 15th and that we don't layoff before then get the job extra % in matching virgins
VIt5JAn-fjzl, I thought it was 78 virgins .
Darius also said he had a 50% site reduction target over the next two years in the July earnings call. If all employees went to both the earnings call and the townhall they would see how different the stories are. Earnings call = more RIFs and site closings. Town hall = all is great work, kill yourselves for Darius, work hard for Hon and enter paradise with 100 virgins
thanks BNZ.....sorry to say. no loss there. total incompetence in those groups. Not sure who is worse to be honest, those functions, engineering who cant engineering anything,IT who is a study of what IT shouldn't be, or procurement who slows down or stops actually procuring anything.
YEF. I believe it was Finance and Accounting but I don't know where in Resideo as it seems like their IDs were all moved for the go live
8jrp - do you know what functions or parts of the business were told?
Some Resideo people have been told there will. Be reductions before end of 2018 already. And they aren't even a company until this Monday October 29th
The industrial conglomerate's revised estimate for asbestos-related liabilities was $2.61 billion as of end-2017, some $1.09 billion higher than a prior estimate, a regulatory filing.
Public information from Earnings presentation on Investor.Honeywell.com
Repositioning = RIF and sending work to low cost regions
• Intend to eliminate all corporate and other functional stranded costs by end of 2019
– ~$340M identified stranded costs; take-out funded through restructuring
– More than 50% of costs eliminated by end of 2018
– Estimated full-year EPS dilution from spins segment profit, net of indemnity ~($0.90)
• Other 2019 planning considerations
– 10% dividend increase announced September 2018; share count reduction of at least 1%
– Pension income ~$300M lower driven by de-risking (shift to fixed income investments)
– Repositioning funding ~$325M
– Asbestos and environmental expenses lower by ~$425M
– Effective tax rate expected to be 21.5% - 22.5%