Honeywell: completes Garrett spin-off; buys automation firm

(CercleFinance.com) - US diversified group Honeywell on Monday said it has completed the spin-off of its transportation unit Garrett Motion and announced the acquisition of Transnorm, a provider of warehouse automation solutions.


Honeywell has signed the agreement to acquire the privately held, warehouse automation business for approximately 425 million dollars from IK Investment Partners, the company said.

The deal will help Honeywell strengthen its presence in the warehouse automation market, as distribution centers and parcel delivery providers are looking to automation solutions due to rising e-commerce demand.

The transaction is expected to be closed in November, Honeywell said.

Regarding Garrett Motion, Honeywell has now completed the spin-off of its former transportation systems business with the shares of Garrett set to begin trading on the New York Stock Exchange today under the symbol "GTX."

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