MORRIS PLAINS, N.J.,
July 16, 2018 /PRNewswire/ --
Honeywell (NYSE: HON) today announced that Carlos Cardoso has been appointed as Chairman of
the Board for its Transportation Systems business as it prepares to
spin into a standalone, publicly traded company, Garrett Motion
Inc. (www.garrettmotion.com). Cardoso, an accomplished global
executive with more than two decades of experience in leading
industrial companies, will begin his role upon the successful
completion of the spin, which is expected by the end of the third
quarter.
"Carlos has distinguished himself as a successful leader of
public companies with extensive experience in manufacturing and
distribution operations. He has a strong track record of successful
portfolio management and asset allocation in support of growth,"
said Honeywell Chairman and CEO Darius
Adamczyk. "The addition of Carlos as Chairman strengthens an
already well-equipped global business leadership team led by
President and CEO Olivier Rabiller
to accelerate business growth amid a dynamic and evolving
automotive industry. Carlos will be a great fit for the
Transportation Systems business as it moves forward as Garrett
after the spin, and he and Olivier will collaborate very
effectively to provide leading vehicle technologies that will help
carmakers be successful as the industry evolves toward lower
emission powertrains and more electrified and connected
vehicles."
"The automotive industry is truly a global enterprise, and I am
excited to help steward a new company with proven technology and
capability into a new era of transportation," said Cardoso. "The
new Garrett business will further distinguish itself as a trusted
and valued enabler of more fuel efficient, safer and more secure
vehicles in an increasingly connected world."
Cardoso is the principal of CMPC Advisors focusing on helping
private equity companies make investments in the industrial,
manufacturing and distribution sectors since January 2015. He also is an active board member
of the Stanley Black & Decker and Hubbell Corporation, and
serves on the Fairfield University
Board of Trustees. From 2006 to 2014, Cardoso was Chairman and
Chief Executive Officer of Kennametal, a $3
billion global leader in metalworking solutions and
engineered components serving a diverse set of industrial and
infrastructure markets, where he realigned the business portfolio
for growth and diversification. Prior to Kennametal, Cardoso held
leadership roles at Flowserve and Honeywell Aerospace. Cardoso was
named one of America's "Best Chief Executive Officers" by
Institutional Investor Magazine. He served as Chairman of
the Manufacturers Alliance / MAPI, co-chaired the Pennsylvania Governor's Manufacturing Council
and served on the Department of Commerce's Manufacturing Council.
Cardoso holds a bachelor's degree in business administration from
Fairfield University and a master's
degree in management from Rensselaer
Polytechnic Institute, and he received an honorary Doctor of
Humane Letters degree from Saint Vincent
College in Latrobe, Pa. He
also participated in the Executive Management Program at
Cornell University.
In May, Honeywell announced that Rabiller will continue to lead
Transportation Systems as President and CEO after it spins and
becomes Garrett. Rabiller has led Transportation Systems since
July 2016, capping a series of
increasingly large leadership roles he has held within the business
since joining Honeywell in 2002.
Transportation Systems is a global leader in turbocharger
technologies with best-in-class engineering capabilities for a
broad range of engine types across global automobile, truck and
other vehicle markets. Transportation Systems currently serves more
than 150 countries and develops on average more than 100 new
applications each year. After the spin, Garrett is expected to have
annualized revenue of approximately $3
billion, a high-yield credit rating and approximately 6,500
employees. The new company will build upon its 65-year reputation
as an industry leader by providing innovative solutions helping
auto makers develop electrified powertrains with eBoosting
solutions and connected vehicles that depend upon advanced software
for safe and secure performance.
Honeywell (www.honeywell.com) is a Fortune 100 diversified
technology and manufacturing leader, serving customers worldwide
with aerospace products and services; control technologies for
buildings, homes, and industry; turbochargers; and performance
materials. For more news and information on Honeywell, please visit
www.honeywell.com/newsroom.
This release contains certain statements that may be deemed
"forward-looking statements" within the meaning of Section 21E of
the Securities Exchange Act of 1934. All statements, other than
statements of historical fact, that address activities, events or
developments that we or our management intends, expects, projects,
believes or anticipates will or may occur in the future are
forward-looking statements. Such statements are based upon certain
assumptions and assessments made by our management in light of
their experience and their perception of historical trends, current
economic and industry conditions, expected future developments and
other factors they believe to be appropriate. The forward-looking
statements included in this release are also subject to a number of
material risks and uncertainties, including but not limited to
economic, competitive, governmental, and technological factors
affecting our operations, markets, products, services and prices,
as well as the ability to effect the separations. Such
forward-looking statements are not guarantees of future
performance, and actual results, developments and business
decisions may differ from those envisaged by such forward-looking
statements, including with respect to any changes in or abandonment
of the proposed separations. We identify the principal risks and
uncertainties that affect our performance in our Form 10-K and
other filings with the Securities and Exchange Commission.
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SOURCE Honeywell Transportation Systems