Honeywell: to rename transportation systems unit 'Garrett'

(CercleFinance.com) - Diversified US manufacturer Honeywell on Thursday said it will rename its transportation systems business "Garrett - Advancing Motion" after it spins into a standalone, publicly traded company.


The Garrett name goes back to Honeywell's origins in the 1950s, when entrepreneur and engineer Cliff Garrett led a project team to develop a turbocharger for a Caterpillar tractor, the company said.

The move marked "the beginning of the turbocharged era for the automotive industry," it said.

Last year Honeywell announced its intention to spin its transportation systems business as well as its home product portfolio into two standalone, publicly traded companies.

The spin off is expected to close before the end of the third quarter.

Olivier Rabiller will remain Chairman and CEO of the company's transportation systems unit after the spin off.

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