Honeywell Announces Intent to Separate Automation, Aerospace to Create Three Companies

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Honeywell (NASDAQ: HON) announced that its Board of Directors completed the comprehensive business portfolio evaluation launched a year ago by Chairman and CEO Vimal Kapur and intends to pursue a full separation of Automation and Aerospace Technologies.

Officials said the planned separation, coupled with the previously announced plan to spin Advanced Materials, will result in three publicly listed industry leaders with distinct strategies and growth drivers. 

The separation is intended to be completed in the second half of 2026 and in a manner that is tax-free to Honeywell shareholders.  

It wasn’t immediately clear how the moves could affect Honeywell operations in South Carolina. Company officials didn’t respond to a request for comment.

"The formation of three independent, industry-leading companies builds on the powerful foundation we have created, positioning each to pursue tailored growth strategies, and unlock significant value for shareholders and customers," said Vimal Kapur, chairman and CEO of Honeywell. 

"Building on decades of innovation as its heritage, Honeywell Automation will create the buildings and industrial infrastructure of the future, leveraging process technology, software, and AI-enabled, autonomous solutions to drive the next generation of productivity, sustainability and safety for our customers," Kapur added. "As a standalone company with a simplified operating structure and enhanced focus, Honeywell Automation will be better able to capitalize on the global megatrends underpinning its business, from energy security and sustainability to digitalization and artificial intelligence."

"As Aerospace prepares for unprecedented demand in the years ahead across both commercial and defense markets, now is the right time for the business to begin its own journey as a standalone, public company," Kapur continued.

Officials said the planned separations of Automation, Aerospace and Advanced Materials will create value for all stakeholders as each will benefit from:

*Simplified strategic focus;

* Greater financial flexibility to pursue distinct organic growth opportunities throughout investment cycles;

* Improved ability to tailor capital allocation priorities in alignment with strategic focus;

* Focused boards of directors and management teams with deep domain expertise; and

* Distinct investment profiles that position each company to unlock greater long-term value for shareholders.

Officials said Honeywell Automation will maintain global scale, with 2024 revenue of $18 billion. Honeywell Automation will connect assets, people and processes to power digital transformation, building on decades-long technology leadership positions, deep domain experience, and a vast installed base to serve a variety of high-growth verticals.

Honeywell Aerospace: Honeywell Aerospace technology and solutions are used on virtually every commercial and defense aircraft platform worldwide and include aircraft propulsion, cockpit and navigation systems, and auxiliary power systems.

With $15 billion in annual revenue in 2024 and a large, global installed base, Honeywell Aerospace will be one of the largest publicly traded, pure play aerospace suppliers, with leading positions in technology and systems that will continue to deliver the future of aviation through increasing electrification and autonomy of flight.  

Advanced Materials: The Advanced Materials business will be a sustainability-focused specialty chemicals and materials pure play with leading positions across fluorine products, electronic materials, industrial grade fibers, and healthcare packaging solutions.

With nearly $4 billion in revenue last year, Advanced Materials offers leading technologies with premier brands, including the breakthrough low global warming Solstice® hydrofluoro-olefin (HFO) technology.

Officials said that as a standalone company with a large-scale domestic manufacturing base, it will be positioned to benefit from a compelling investment profile and a more flexible and optimized capital allocation strategy.

Since December 2023, Honeywell has announced a number of strategic actions to drive organic growth and simplify its portfolio. This includes approximately $9 billion of accretive acquisitions: the Access Solutions business from Carrier Global, Civitanavi Systems, CAES Systems, and the liquefied natural gas (LNG) business from Air Products.

In addition, the company entered into an agreement to divest its Personal Protective Equipment business which is expected to close in the first half of 2025.

The company is continuing to execute on its previously announced spin-off of its Advanced Materials business, which is expected to be completed by the end of 2025 or early in 2026. 

Officials said the three independent companies will be appropriately capitalized with the financial flexibility to take advantage of future growth opportunities. 

United Community Launches Comprehensive Wealth Management Division

Greenville, South Carolina-based United Community announced the launch of United Community Wealth, a comprehensive wealth management division designed to serve customers across the financial spectrum. 

United Community Wealth is led by industry veteran Brendon Tripodo who joined United in 2023. 

Tripodo has more than 30 years of industry experience including a background in sales management, organizational design and merger integration. Tripodo received a bachelor’s degree in business administration from The Ohio State University, followed by an MBA from John Carroll University.

"The launch of United Community Wealth represents our commitment to providing financial services that grow and evolve with our customers’ needs," said Tripodo. “By bringing together these specialized capabilities under one umbrella, we can better serve our customers at every stage of their financial journey."

United Community Wealth encompasses two distinct service lines: United Community Private Wealth and United Community Advisors, both of which are tailored to meet specific customer needs and preferences.

United Community Private Wealth focuses on high-net-worth individuals and families, offering discretionary investment management, trust administration, estate planning and financial planning services. The division provides specialized expertise in business succession planning alongside traditional banking and lending solutions. 

Complementing these services, United Community Insurance specializes in complex insurance solutions for both individuals and businesses, including life insurance, disability coverage and long-term care planning.

United Community Advisors delivers personalized investment and financial guidance through a branch-based approach. Services include fee-based advisory services, full-service brokerage capabilities and customized investment solutions, making wealth management accessible to a broader customer base.

Said Abraham Cox, chief consumer and small business banking officer. “As we continue to evolve and enhance our services, this new division will allow us to provide more comprehensive solutions, helping both consumers and businesses thrive in a changing financial landscape.”

Leading the new division will be:

* Jared Newman, United Community Private Wealth Regional Director (N.C., Ga., S.C., Tenn.).

* Nora Bagby, United Community Private Wealth Regional Director (Fla., Ala.).

* Mark Curtis, Program Director, United Community Advisory.

* Philip Rich, United Community Private Wealth Managing Director, Investment Management.

* Alisha Kamadia, United Community Private Wealth Managing Director, Trust Administration.

* Mike Ison, President, United Community Insurance.

* Rob Port, United Community Wealth Managing Director, Operations/Innovation.

* Lance Hopegill, United Community Wealth Managing Director, Sales & Strategy.

Beazer Homes Accelerates Pace of Share Repurchases

Beazer Homes USA, Inc. (NYSE: BZH) said it is accelerating the pace of its share repurchases in light of recent share price dislocation. 

Officials said the company will continue to repurchase shares pursuant to the company’s previously authorized share repurchase program, under which approximately $24.8 million remains available.

Since Jan. 30, after reporting earnings for the first quarter of 2025, the company has repurchased approximately $4.1 million of its shares at a weighted average price of $21.86. 

Officials said the company plans to increase the pace of its repurchases in light of current market conditions.

"We believe accelerating the pace of our share repurchases makes a lot of sense. The ability to buy back our shares at a significant discount to book value represents a compelling investment opportunity and we plan to act on it,” said Allan P. Merrill, chairman and chief executive officer.

Considering the acceleration of its share repurchase program, the company also announced that debt reduction is expected to moderate in the near term. 

Specifically, the company now projects its net debt to net capitalization ratio will be in the low 30 percent range by the end of fiscal 2026 and will be in the mid-to-high 30 percent range by the end of fiscal 2025. 

Notwithstanding the near-term moderation in leverage reduction, the company remains committed to its long-term goal of reducing its net debt to net capitalization ratio below 30 percent. 

Furthermore, the company reaffirmed its outlook for its two other multi-year goals: reaching 200 active communities by the end of fiscal 2026 and starting 100 percent of its homes qualified as Zero Energy Ready by the end of calendar 2025.

“From a capital allocation perspective, we believe modestly slowing our deleveraging efforts in order to repurchase a meaningful amount of our stock at a significant discount to book value is fully consistent with our balanced growth strategy, which was specifically designed to give us the flexibility necessary to quickly respond to changing market conditions,” Merrill said.

Headquartered in Atlanta, Beazer Homes (NYSE: BZH) is one of the country’s largest homebuilders.

It builds homes in Arizona, California, Delaware, Florida, Georgia, Indiana, Maryland, Nevada, North Carolina, South Carolina, Tennessee, Texas, and Virginia. 

Breeze Airways Expands at GSP

Breeze Airways is expanding at Greenville-Spartanburg International Airport (GSP) with the addition of three new seasonal routes. 

Beginning May 2025, Breeze will offer nonstop flights to Fort Myers (RSW), Pittsburgh (PIT), and White Plains, NY (HPN). 

The airline, which launched service at GSP in 2024, continues to grow and now offers a total of eight routes.

The new flights are now available to book at flybreeze.com.

Fort Myers, Florida (RSW) – Summer Seasonal, Thursdays and Sundays, starting May 1.

Pittsburgh, Pennsylvania (PIT) - Summer Seasonal, Thursdays and Sundays, starting May 1.

Westchester County/White Plains, NY (HPN) – Summer Seasonal, Mondays and Fridays, starting May 2.

In addition to the new routes, Breeze will resume its seasonal service to Orlando International (MCO) in March 2025, followed by the return of routes to Los Angeles (LAX) and Hartford (BDL) in May 2025. 

Breeze also offers year-round service to Providence (PVD) and Tampa (TPA).

“The response to Breeze’s arrival at GSP has been tremendous,” said Dave Edwards, president and CEO of Greenville-Spartanburg Airport District. “We’re excited to see the airline continue to expand, providing even more travel options for our community.”

The addition of Breeze Airways helped fuel record-breaking passenger numbers at GSP.

In 2024, the airport surpassed 2.88 million passengers, a 12 percent increase over 2023.

With the latest additions, GSP expects to exceed 3 million passengers in 2025.

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