MORRIS PLAINS, N.J.,
June 14, 2018 /PRNewswire/
-- Honeywell (NYSE: HON) today announced that its
Transportation Systems business will rebrand itself "Garrett -
Advancing Motion" upon successful completion of the previously
announced spin which is expected to close before the end of the
third quarter.
The Garrett name ties back to Honeywell's turbo origins in the
1950s. At that time, entrepreneur and engineer Cliff Garrett led a project team to develop a
turbocharger for a Caterpillar D9 crawler tractor that launched in
1954, marking the beginning of the turbocharged era for the
automotive industry. Since then, Transportation Systems
technologies and innovations have been used by nearly every major
global auto maker, resulting in approximately 100 million vehicles
with our products and an average launch rate of 100 new
applications annually spanning, gas, diesel, natural gas, electric
and fuel cell powertrains.
Honeywell Transportation Systems has been using the Garrett name
to brand its current portfolio of aftermarket replacement and
performance upgrade turbochargers for gasoline and diesel passenger
and commercial vehicles. The decision was made to name the new
company Garrett to acknowledge its long history of innovation while
adding the tag line " Advancing Motion" to embrace the future and
the broader portfolio of differentiated products and services that
Transportation Systems offers its global customers. The new Garrett
company is well-positioned to be a global leader in turbocharger
technologies with best-in-class engineering capabilities for a
broad range of engine types across automobile, truck and other
vehicle markets. It will build upon its established track record as
an industry leader by providing innovative solutions helping auto
makers develop electrified powertrains with our eBoosting solutions
and connected vehicles that use our software for safe and secure
performance.
"There is a strong emotional attachment to the Garrett name,
which has stood for pioneering turbo technology for more than 60
years and has made an indelible mark on the driving habits of
millions of vehicle owners as well as the history of automotive
engine performance," said Transportation Systems President and CEO
Olivier Rabiller, "Moving forward,
the Garrett name will continue to be synonymous with turbocharging
technologies and also support the tangible progress and investments
we have made in electric products, software and connected vehicles,
and the future growth we see reshaping our industry."
"We believe the next generation of vehicles will require a
complementary mix of high-performance technologies to meet more
stringent global environmental standards and demands for safer and
more reliable electrified powertrains and connected cars," said
Rabiller. "We see our role as an enabler for redefining and
advancing how technology will move people and goods. Garrett
Advancing Motion captures both our traditional automotive domain
experience as well as our capability for applying cross-industry
excellence to solve problems."
On Oct. 10, 2017, Honeywell
announced its intention to spin its Transportation Systems business
as well as its Honeywell Homes product portfolio and ADI global
distribution business into two standalone, publicly traded
companies. Garrett Motion Inc will be the legal entity name of the
publicly-traded company upon successful completion of the spin
(www.GarrettMotion.com). The Homes spin is expected to close by the
end of the year.
Honeywell (www.honeywell.com) is a Fortune 100 diversified
technology and manufacturing leader, serving customers worldwide
with aerospace products and services; control technologies for
buildings, homes, and industry; turbochargers; and performance
materials. For more news and information on Honeywell, please visit
www.honeywell.com/newsroom.
This release contains certain statements that may be deemed
"forward-looking statements" within the meaning of Section 21E of
the Securities Exchange Act of 1934. All statements, other than
statements of historical fact, that address activities, events or
developments that we or our management intends, expects, projects,
believes or anticipates will or may occur in the future are
forward-looking statements. Such statements are based upon certain
assumptions and assessments made by our management in light of
their experience and their perception of historical trends, current
economic and industry conditions, expected future developments and
other factors they believe to be appropriate. The forward-looking
statements included in this release are also subject to a number of
material risks and uncertainties, including but not limited to
economic, competitive, governmental, and technological factors
affecting our operations, markets, products, services and prices,
as well as the ability to effect the separations. Such
forward-looking statements are not guarantees of future
performance, and actual results, developments and business
decisions may differ from those envisaged by such forward-looking
statements, including with respect to any changes in or abandonment
of the proposed separations. We identify the principal risks and
uncertainties that affect our performance in our Form 10-K and
other filings with the Securities and Exchange Commission
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SOURCE Honeywell Transportation Systems