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Monday, July 14, 2014

Honeywell to merge turbocharger business into aerospace unit, (NYSE: HON)

Honeywell International Inc will merge its transportation systems unit into its aerospace division to take advantage of similarities between the businesses, the diversified U.S. manufacturer said on Monday. The transportation business, which makes turbochargers, has been Honeywell's smallest of its four segments by sales but has seen fast growth, with profit rising 15 percent last year.Following the realignment, Honeywell will have three business segments: aerospace; automation and control solutions; and performance materials and technologies."Born out of our aerospace business, the automotive turbocharger is a miniature jet engine," Honeywell Chief Executive Officer Dave Cote said in a statement, adding that the realignment would "leverage shared strengths and synergies."Honeywell will report its financial results, including transportation systems within aerospace effective with its third-quarter report. Honeywell is due to report second-quarter results on Friday.

Honeywell International Inc. (Honeywell) is a diversified technology and manufacturing company, serving customers worldwide with aerospace products and services, control, sensing and security technologies for buildings, homes and industry, turbochargers, automotive products, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals, and energy efficient products and solutions for homes, business and transportation. Shares of HON traded higher by 0.97% or $0.92/share to $95.82. In the past year, the shares have traded as low as $78.88 and as high as $96.49. On average, 2605540 shares of HON exchange hands on a given day and today's volume is recorded at 728990.