(Reuters) – U.S. manufacturer Honeywell International Inc will spin off its home and ADI global distribution business and transportation systems into two independent, publicly-traded companies by the end of 2018, the company said on Tuesday.
Honeywell said the two businesses were together worth $7.5 billion in annualized sales. The changes defy calls by one of its shareholders, activist hedge fund Third Point LLC, to spin off its aerospace division.
(This story corrects headline and second paragraph to show value referred to annualized sales.)
(Reporting by Ankit Ajmera and Arunima Banerjee in Bengaluru)