Activist investor Dan Loeb put pressure on Honeywell’s new CEO Darius Adamczyk to sell the business. The new chief ignored the pressure and instead announced he would spin off the conglomerate into two new stand-alone publicly traded companies. The move was the first major shakeup at Honeywell since Adamczyk succeeded David Cote as CEO in April. The company is also benefiting from economic growth in most regions, especially in the U.S., where a corporate tax cut has increased business confidence. The rebounding of oil prices also helped bolster sales at Honeywell’s energy-related business.
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