Future Honeywell Spin-Off Resideo Hosts Investors On First Anniversary Of Spin Announcement
MORRIS PLAINS, N.J., Oct. 10, 2018 /PRNewswire/ -- Exactly one year after Honeywell (NYSE: HON) announced it would spin off its Homes and Global Distribution business, Resideo Technologies, Inc. will host an Investor Conference in New York City today. The future stand-alone company will showcase its attractive financial profile, growth strategy, and smart home technologies. It is anticipated that when-issued trading on the New York Stock Exchange in Resideo common stock will begin on or about Monday, Oct. 15. On Monday, Oct. 29, Resideo common stock will begin regular-way trading on the NYSE under the ticker symbol, "REZI."
Mike Nefkens is president and CEO of Honeywell Homes, which will become Resideo following the spin. He said:
"On this first anniversary of the spin-off announcement, Resideo is on the cusp of becoming a stand-alone, publicly traded company. We are ready to meet customer needs across every part of the home and at every point of the buyer's journey. From the vigilant security keeping watch on the exterior, iconic comfort products on the wall, smart controls behind the wall, and cloud-based mobile apps giving consumers greater control, Resideo will launch as a global leader with the know-how to truly connect the home. We start with an unparalleled presence in 150 million homes and a 130-year history providing reliable solutions for the critical systems of a home. We are deepening our ties with the professionals who deliver comfort and security to homeowners, and have a long-term, exclusive license to use the globally recognized Honeywell Home brand. Our ADI global distribution business is already the leader in security distribution, and one of the leading reasons Honeywell residential products continue to be professionally installed 15 million times a year."
"Resideo begins with an enviable market position, as a $4.7 billion business with a global addressable market of more than $35 billion that continues to grow thanks to favorable trends and consumer preferences. Our diversified revenue streams, strong segment profits and limited capital expenditure needs are just a few of the reasons Resideo has a bright future. We can't wait to see REZI listed on the NYSE."
The presentation and audio webcast of today's event can be accessed at www.honeywell.com/investor for 30 days.
Resideo is a leading global provider of critical comfort and security solutions primarily in residential environments, with a presence in over 150 million homes around the world. Its ADI Global Distribution business is the leading wholesale distributor of security and low-voltage products and is independently recognized for superior customer service. Resideo will use the Honeywell Home brand under a long-term, exclusive license. Resideo has a growing portfolio of connected home solutions supported by software platforms that allow consumers and channel partners to easily install, use and maintain.
Honeywell is a Fortune 100 software-industrial company that delivers industry specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help everything from aircraft, buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable.
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, as amended. 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 separation. 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 separation. We identify the principal risks and uncertainties that affect our performance in Honeywell's Form 10-K, Resideo's Form 10 Registration Statement, as amended, and other filings with the Securities and Exchange Commission.