Dear Honeywell Shareowner:
On October 10, 2017, we announced our intention to spin our Transportation Systems automotive business. I am pleased to confirm that we expect to distribute to you shares in the new company, Garrett Motion Inc., at the end of the third quarter. Garrett will be listed on the New York Stock Exchange under the ticker symbol GTX.
I continue to be extraordinarily excited about the future of this business under the leadership of a strong executive team and with the support of a very capable and diverse board of directors. Transportation Systems has built an outstanding track record of operational excellence as part of Honeywell, and I am confident this will continue once Garrett becomes an independent, public company.
Garrett’s starting point will be decades of expertise as a market leader in developing new technologies for the global automotive turbocharger industry, which is constantly evolving. Emerging global opportunities in e-boosting, e-turbos, integrated vehicle health management, and cyber security will be a driving force for the future across all powertrain platforms, including hybrids and hydrogen fuel cells. As an independent company, Garrett will be uniquely positioned to address these challenges with a dedicated team and capital investment strategy that will drive growth in new vectors like electrification and connected vehicle technologies.
I encourage you to read the attached information statement about Garrett, as well as the supplemental information on Honeywell’s investor relations website. The information statement describes the spin in detail and contains important business and financial information. Once the spin is effective, each Honeywell shareowner will receive shares of Garrett Motion Inc. based on the number of shares of Honeywell common stock such shareowner holds as of the record date.
Today’s announcement reflects our continued commitment to generate shareowner value as we become the premier software-industrial company. I am confident that Garrett will be successful following its separation from Honeywell, and look forward to the bright futures of both companies.
Chairman and CEO