November 28, 2022

Y M L P-211

Business – Once You

Honeywell CEO says suspending business in Russia won’t be a major headwind

Honeywell’s determination to halt organization functions in Russia adhering to the country’s invasion of Ukraine is unlikely to bring about troubles for the firm’s balance sheet, CEO Darius Adamczyk explained to CNBC on Monday.

“It has some implications, but it is the right matter to do, it is a minor little bit north of 1% of our general shares, and our manufacturing existence there is reasonably smaller,” Adamczyk mentioned in an interview on “Mad Income.”

“We will see what comes about. We are checking the situation,” he added.

The engineering firm is one of hundreds of companies that have stopped or curtailed operations in Russia which includes Adidas, McDonald’s and Apple. The corporation introduced its conclusion to “significantly” suspend its activities on March 8.

As for the company’s other doable headwinds, Adamczyk said that Honeywell’s provide chain and raw product prices have been manageable. Honeywell’s fourth quarter revenue fell limited of anticipations final month because of to provide chain issues, between other components. 

“We have truly accomplished a excellent position of defending that business enterprise. Titanium is one thing we observe very carefully and some of the elements there, but we’ve been a minimal bit in advance of the video game and secured resources of provide, so we are in quite fantastic shape there.”

Honeywell stock was up .53% at the stop of Monday’s trading session.

When asked about future ideas, Adamczyk explained that the business plans to obtain $4 billion truly worth of shares, which he considers to at this time be a “bargain,” and glimpse toward creating acquisitions.

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