business news Honeywell to spin off ADI distribution business Morris Planes, NJ (USA) Business PeoPle After much hype and speculation by Reuters and the business pages of the press, Honeywell’s comprehensive portfolio review shows that it intends to separately spin off its Homes product portfolio and ADI global distribution business, as well as its Transportation Systems business, into two stand-alone, publiclytraded companies. As a result of these changes, effective immediately, Gary Michel, after 32 years at Ingersall-Rand, is to serve as president and CEO of Honeywell’s Home and Building Technologies (HBT) strategic business group. The planned separation transactions are intended to be tax-free spins to Honeywell shareowners for U.S. federal income tax purposes and are expected to be completed by the end of 2018. “Today’s announcement marks the culmination of a rigorous portfolio review involving a detailed assessment of every Honeywell business. As part of that review, we analysed numerous criteria, including growth outlook, financial performance, market dynamics, potential for disruption, and, most importantly, assessment of fit as a Honeywell business,” said Honeywell President and CEO Darius Adamczyk. “The remaining Honeywell portfolio will consist of highgrowth businesses in six attractive industrial end markets, each aligned to global mega trends including energy efficiency, infrastructure investment, urbanisation and safety. These businesses are best positioned to leverage Honeywell synergies from our technologies, financial and business models, and talent. Our simplified portfolio will offer multiple platforms for organic growth and margin expansion through further deployment of our world-class HOS Gold operating system and the Honeywell Sentience Platform. Honeywell will also have multiple levers for continuing to execute an aggressive capital deployment strategy, including a vigorous and disciplined M&A programme. “The spun businesses will be better positioned to maximize shareowner value through focused strategic decision making and capital allocation tailored for their end markets,” Adamczyk said. “At Honeywell, we will continue our track record of execution, delivering growth, margin expansion, and aggressive capital allocation for our shareowners.” The new Homes and Global Distribution business will be a leader in the home heating, ventilation and air conditioning (HVAC) controls and security markets, and a leading global distributor of security and fire protection products. The business is expected to have annualised revenue of approximately $4.5 billion, a high-yield credit rating, approximately 13,000 employees, and financial responsibility for certain Honeywell legacy liabilities. Effective immediately, Gary Michel will serve as president and CEO of Honeywell’s Home and Building Technologies (HBT) strategic business group. Michel will report to Adamczyk and serve as a company officer. Michel succeeds Terrence Hahn, who will move to a leadership role reporting to Adamczyk and will help prepare the Homes and ADI businesses for the spin. Michel joins Honeywell from Ingersoll-Rand Company, where he has held a series of large leadership roles over the past 32 years. Most recently, he served as senior vice president and president, Residential HVAC and Supply, which he transformed to deliver substantial improvements in revenue and market share, operating income, commercialisation processes, and technology platforms. “Gary has proven himself to be an innovative and energetic leader with a deep understanding of his customers and end markets and the ability to translate this knowledge into technologydifferentiated offerings that bring value to customers,” Adamczyk said. “Gary is a welcome addition to our team and will help Honeywell continue to be a leader in connected technologies, building on our great positions in growing industries.” Didier Faure, CFO at CSL. Csl appoints new CFo Harefield, Middlesex (UK) CSL, leading providers of Secure Connectivity for M2M/ IoT devices, has appointed Didier Faure as Chief Financial Officer. Didier joins CSL from Alix Partners LLP – a private equity portfolio restructuring consultancy where he was EMEA CFO. Prior to Alix Partners, Didier was EMEA CFO of WPP-owned Grey Healthcare Group, a 250 employee strong Communication Agency in the Healthcare Sector. Ed Heale, CSL’s CEO, commented: “In addition to expertise in the Finance function, Didier brings a wealth of experience in business consulting and strategy which will be invaluable to CSL as we look to support our customers more effectively.” Formerly CSL Dualcom, CSL invented simple and reliable Dualcom alarm signalling units to facilitate the delivery of alarms and data from the premises to the monitoring centre. The latest innovations from CSL include CSL Connected which offers ARC Monitoring plus an enduser App. CSL Routers for rapid deployment of CCTV. Dualcom Miniair – the smallest communicator on the market, plus the latest brand to join the CSL Group – Emizon. Business & Product News Every Day! www.securityworldmarket.com Security News Every Day – www. securityworldhotel.com dete kto r in te r n at i on al • 1 7