MORRIS PLAINS, N.J. — Honeywell announced on Oct. 29 that it has completed its spin-off of Resideo Technologies Inc., its former Homes and ADI Global Distribution business.
By SP&T Staff
Shares of Resideo, a provider of residential security solutions, will now begin trading on the New York Stock Exchange.
“The spin-off of Resideo marks the completion of the portfolio transformation that we initiated last year, leaving us in an even stronger position with a more focused and growth-oriented portfolio and industry-leading businesses across attractive end markets. Our simplified portfolio offers multiple levers to drive organic growth and continued margin expansion, augmented by a vigorous and disciplined M&A strategy that will continue to generate tremendous value for customers and shareowners,” said Honeywell chairman and chief executive officer Darius Adamczyk, in a prepared statement.
Resideo is the second spin-off Honeywell has completed this year; the first was the spin-off of Garrett Motion Inc., Honeywell’s former Transportation Systems business, which was completed Oct. 1.