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MarketScreener Homepage  >  Equities  >  Nyse  >  Honeywell International Inc.    HON

HONEYWELL INTERNATIONAL INC.

(HON)
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Honeywell International : Responds to Garrett Motion Inc.'s Bankruptcy Filing

11/20/2020 | 11:13am EST

Garrett's decision to file for bankruptcy rather than meet its obligations is an unnecessary and unfortunate development for all its stakeholders. Garrett initiated these proceedings to avoid the legitimate and reasonable financial commitments Garrett assumed as part of its spin-off from Honeywell in September 2018. Garrett always has been capable of fulfilling those obligations with the assets and operations it received in the spin-off.

Honeywell's position, which is detailed in our initial court response to Garrett's filing, is as follows:

  • Garrett's decision to file for bankruptcy is entirely of its own making. It is neither the result of an inappropriate capital structure nor a consequence of the COVID-19 pandemic.
  • These efforts are part of a continuing, imprudent strategy to evade Garrett's obligations to Honeywell, undertaken by a management team that is uninformed or ill-advised of its fiduciary duties to creditors and shareholders. The timeline set forth in Garrett's filings is part of its opportunistic scheme to rush a sale process.
  • When COVID-19 hit and Garrett saw a short-term downturn in its business, Garrett opportunistically sought, in effect, to defer indefinitely Honeywell's claims outside of bankruptcy. Just three months ago, Honeywell worked cooperatively with Garrett and its creditors to provide Garrett with significant covenant and payment relief over the next two years.
  • Garrett decided to file despite that relief and even though the worst of the economic downturn may already be behind the company. In fact, in its second-quarter earnings release issued on July 30, 2020, Garrett explained that it had 'safely resumed operations with plants in China producing at pre-crisis levels.' Garrett reported to the bankruptcy court that it currently has more than $411 million in cash on hand, and confirmed in its recent press release that the 'fundamentals of [its] business are strong.'
  • Despite being vested with a fiduciary duty to maximize value for all stakeholders, the circumstances surrounding Garrett's bankruptcy filing suggest that Garrett does not share these objectives and, in fact, has worked to limit distributable value in a way that is incompatible with the goals of the bankruptcy process. Garrett does not appear to have brought all potential bidders to the table, and instead has settled for a bid that satisfies all creditors except Honeywell, and wipes out Garrett's equity holders. This raises serious concerns over whether Garrett is actually focused on maximizing all stakeholder recoveries.

Honeywell is committed to engaging in a dialogue with Garrett and working constructively with all parties to mitigate Garrett's self-inflicted damage and maximize value for all stakeholders. Honeywell expressly reserves the right to raise any and all claims, defenses, and legal arguments in the bankruptcy proceedings.

Honeywell's initial court response to Garrett's bankruptcy filing

Honeywell's Investor Fact Sheet About Garrett Motion Inc.

Disclaimer

Honeywell International Inc. published this content on 04 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 November 2020 16:12:05 UTC


© Publicnow 2020
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Financials (USD)
Sales 2020 32 144 M - -
Net income 2020 4 892 M - -
Net Debt 2020 6 300 M - -
P/E ratio 2020 30,1x
Yield 2020 1,74%
Capitalization 145 B 145 B -
EV / Sales 2020 4,69x
EV / Sales 2021 4,44x
Nbr of Employees 113 000
Free-Float 73,2%
Chart HONEYWELL INTERNATIONAL INC.
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Honeywell International Inc. Technical Analysis Chart | HON | US4385161066 | MarketScreener
Technical analysis trends HONEYWELL INTERNATIONAL INC.
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TrendsBearishBullishBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 207,74 $
Last Close Price 205,97 $
Spread / Highest target 26,2%
Spread / Average Target 0,86%
Spread / Lowest Target -32,0%
EPS Revisions
Managers and Directors
NameTitle
Darius Adamczyk Chairman & Chief Executive Officer
Gregory P. Lewis Chief Financial Officer & Senior Vice President
Krishna Mikkilineni SVP-Engineering Operation & Information Technology
Suresh Venkatarayal Chief Technology Officer
Clive Richard Hollick Independent Director
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