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Honeywell International

Known for making everything from cockpit controls to quantum computers to N95 masks, Honeywell has gotten leaner lately. The industrial giant plunged 15 places, to No. 92, on this year’s list as revenues fell by 12.2% year-over-year, to $36.7 billion. Honeywell planned the thinning: In October 2018, it jettisoned its historic home thermostat unit, now called Residio, and its automotive turbocharger business, Garret Motion. (Both spinoffs are now Fortune 1000 companies.) Thanks in part to the pruning, Honeywell has an enviable balance sheet, with about $10 billion in cash at the ready. Analysts expect CEO Darius Adamczyk could use the funds to bolster Honeywell’s burgeoning warehouse automation or “Internet of things” software businesses with “bolt-on” acquisitions. But halted air travel, an outcome of the globally spreading coronavirus, is expected to hammer the company’s biggest division, aerospace, in the fiscal quarters ahead.
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