July 14 Honeywell International Inc will
merge its transportation systems unit into its aerospace
division to take advantage of similarities between the
businesses, the diversified U.S. manufacturer said on Monday.
The transportation business, which makes turbochargers, has
been Honeywell's smallest of its four segments by sales but has
seen fast growth, with profit rising 15 percent last year.
Following the realignment, Honeywell will have three
business segments: aerospace; automation and control solutions;
and performance materials and technologies.
"Born out of our aerospace business, the automotive
turbocharger is a miniature jet engine," Honeywell Chief
Executive Officer Dave Cote said in a statement, adding that the
realignment would "leverage shared strengths and synergies."
Honeywell will report its financial results, including
transportation systems within aerospace effective with its
third-quarter report. Honeywell is due to report second-quarter
results on Friday.
The company announced the realignment as it said it
completed the $155 million sale of its friction materials
business to Federal Mogul Corp.
(Reporting by Lewis Krauskopf; Editing by Nick Zieminski)