Honeywell在巴黎航展上详细介绍了航空航天分拆计划

Honeywell International (NASDAQ:HON) used its stage at the 2025 Paris Air Show to present a sweeping vision for the future of its aerospace division. Management also expressed confidence in its upcoming spin-off, and highlighted the business’s role in aviation, defense and autonomous aircraft.

Speaking on Sunday to investors at the exhibition, Honeywell (NASDAQ:HON) Chairman and Chief Executive Vimal Kapur framed the year as “transformative,” with the company simultaneously executing multiple divestitures, pursuing strategic acquisitions and preparing its Aerospace and Advanced Materials businesses for independence.

“There's a concern that how we are doing this all simultaneously is that it's different people,” Kapur said, referencing the spin-offs and the internal restructuring of Honeywell’s (HON) remaining portfolio, “but for most part, teams are quite independent.”

Honeywell (HON), whose market value is about $144 billion, this year announced plans to break into three independent units following pressure from Elliott Management, a hedge fund that had taken a $5 billion stake in the company. It plans to separate its aerospace and automation segments and spin off its advanced materials business, with the process expected to conclude in the second half of 2026. Elliott estimated that the standalone aerospace unit alone could command a valuation exceeding $100 billion.

The aerospace business, set to become a standalone company by 2026, was the centerpiece of the presentation, led by James Currier, president and chief executive of Honeywell (HON) Aerospace Technologies. Currier touted the depth, resilience and technological scope of the business, which is positioned across more than 500 aircraft platforms and services over 10,000 customers globally.

Aerospace, autonomy and accelerated growth

Currier highlighted recent wins that underscore Honeywell's (HON) innovation in defense and commercial aviation, including:

• The Bell (TXT) V-280 Valor, where Honeywell (HON) systems were selected to support next-generation cooling and auxiliary power.
• A fleetwide deal with Southwest Airlines (LUV) for SmartRunway and SmartLanding systems, enhancing cockpit situational awareness.
• A milestone autonomous flight of the Leonardo (DRS) AW139, using Honeywell (HON) technologies.

“We are virtually on every single aircraft platform -- business jets, air transport, helicopters, space, unmanned aerial vehicles -- essentially leveraging our technology across those platforms,” Currier said.

The company’s aerospace unit is split into three core segments: Electronic Solutions, Engines and Power Systems and Control Systems. Each contributes about a third of revenue, while collectively, they focus on flight safety, efficiency and next-generation capability.

Defense and international expansion

With 40% of aerospace revenue coming from defense, Honeywell (HON) is responding to global tensions and rising defense budgets to drive growth.

“It's part of our international defense growth strategy, recognizing the desire for countries to be more self-reliant, autonomous in their defense needs, particularly here in the EU,” Currier said, noting a double-digit growth trajectory in Europe and allied regions.

The acquisition of Italian inertial systems firm Civitanavi and the company’s engineering hubs in Poland and the Czech Republic are part of a “local-for-local” strategy to deepen its European footprint and navigate defense procurement rules, he said.

Beyond flight hours: ‘Decoupled growth’

Currier also spotlighted Honeywell’s (HON) “decoupled growth” engine: a retrofit, modification and software upgrade business (dubbed RMUs) that leverages the company’s vast installed base. Generating $1.5 billion annually, RMUs now represent 10% of aerospace revenue and boast double-digit growth.

Supply chain overhaul

Amid continued demand pressure, Honeywell (HON) has invested more than $1 billion in its supply chain since 2022, enabling 11 straight quarters of double-digit output growth. Plans to double aerospace revenues by the 2030s include smart factory expansions, AI-driven procurement tools, and dual-sourcing strategies.

In terms of R&D, Honeywell (HON) cited not just the amount spent, but also the return on innovation, with systems like Honeywell Anthem (an integrated flight deck), ASSURE (electromechanical actuators) and ATTUNE (compact vapor-cycle cooling) already selected for dozens of aircraft platforms.

Future-oriented franchise

Looking ahead, Honeywell Aerospace (HON) is aligning its development roadmap with long-term aviation trends, including pilot autonomy, electrification, thermal management, and defense modernization.

“We solve complex problems across all forms of aircraft, the most complex problems that drive the highest value across the organization with an eye and a focus on key industry trends, electrification, autonomy as an example,” Currier said.