HON · 10-Q · 2026Q3 · Full report
Portfolio Reshaping (M&A / Divestiture)
HONEYWELL INTERNATIONAL INC · 2026-10-22 · Importance 71 · Surprise 60 · In source text
Honeywell completed the Aerospace Spin-Off on June 29, 2026, distributing one Honeywell Aerospace share for every two Honeywell Technologies shares and moving Aerospace results to discontinued operations. Honeywell acquired Johnson Matthey’s Catalyst Technologies business on July 17, 2026, for $1,743 million net of cash acquired, contributing $131 million of third-quarter sales and $330 million of nine-month inorganic sales together with Sundyne. Honeywell completed the divestitures of WWS and PSS on July 27 and August 3, 2026, for total consideration of $1,527 million net of cash transferred. Quantinuum completed its IPO on June 4, 2026, leaving Honeywell with a 48% equity-method interest and producing a $6,629 million pre-tax gain on deconsolidation.
Key facts
- On July 17, 2026, Honeywell acquired Johnson Matthey’s Catalyst Technologies business for total consideration of $1,743 million, net of cash acquired. source
- During the third quarter of 2026, Honeywell completed divestitures of its PSS and WWS businesses for total consideration of $1,527 million, net of cash transferred. source
- On June 4, 2026, Quantinuum completed its IPO and Honeywell retained a 48% noncontrolling ownership interest and accounts for Quantinuum as an equity method investment. source
- Honeywell completed divestiture of the Warehouse and Workflow Solutions (WWS) business on July 27, 2026. source
- Honeywell completed divestiture of the Productivity Solutions and Services (PSS) business on August 3, 2026. source
- Effective in the first quarter of 2026, Honeywell realigned certain business units to form a new reportable segment, Process Automation and Technology, moving UOP from Energy and Sustainability Solutions and portions of Process Solutions from Industrial Automation. source
- Following the Reverse Stock Split on June 29, 2026, every two shares of common stock were combined into one share and the number of authorized shares was reduced from 2 billion to 1 billion. source
- The consolidated cash flow was adjusted for a $6,629 million gain on deconsolidation of subsidiary (Quantinuum) in the nine months ended September 30, 2026. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| net_income | positive | realized | +132.7% | The consolidated cash flow was adjusted for a $6,629 million gain on deconsolidation of subsidiary (Quantinuum) in the nine months ended… |
| cash | negative | realized | -3.3% | On July 17, 2026, Honeywell acquired Johnson Matthey’s Catalyst Technologies business for total consideration of $1,743 million, net of… |
| assets | positive | realized | +3.3% | On July 17, 2026, Honeywell acquired Johnson Matthey’s Catalyst Technologies business for total consideration of $1,743 million, net of… |
| cash | positive | realized | +2.9% | During the third quarter of 2026, Honeywell completed divestitures of its PSS and WWS businesses for total consideration of $1,527… |
| assets | negative | realized | -2.9% | During the third quarter of 2026, Honeywell completed divestitures of its PSS and WWS businesses for total consideration of $1,527… |