Garrett Motion CEO: Electrification Is a Big Trend For Our Company
*By Michael Teich*
Honeywell is cutting ties with its transportation systems business, but the spin-off's CEO considers it a mutual breakup.
“We’re not about to reinvent our strategy,” Garrett Motion's president and CEO Olivier Rabiller said Monday in an interview on Cheddar. "The only thing it provides us is to work at our own speed.”
Honeywell ($HON) opted to simplify its business, announcing in October of last year it was divesting Garrett Motion ($GTX) along with its home-products business. Rabiller said that allowed his company ー which debuted on the New York Stock Exchange on Monday ー to continue its "winning" strategy but at a faster pace.
Shares of Garrett Motion ended down slightly in its first day of trading Monday, while Honeywell's stock reached a new record high.
Garrett, which produces turbochargers and electric boosting technologies, may have had a slow start, but all is not lost. Companies like PayPal ($PYPL), which spun out of eBay ($EBAY) in 2015, have proven that splitting from a parent company can be a catalyst for growth. Shares of PayPal are up 127 percent since that separation.
For Garrett Motion future growth will come from China, Rabiller said. The company is banking on that country's booming electric vehicle market.
While overall car sales only grew 3 percent between 2016 and 2017 ー the slowest pace since 2011 ー EVs proved to be a bright spot. China logged sales of 578,000 vehicles in that market last year, up 72 percent from 2016. That accounts for less than 3 percent of total auto sales in the country, but the government's focus on electric vehicles presents a great opportunity, according to Rabiller.
“It’s not only about electrification in China. It about having tougher emission standards,” he said. “This is a trend we see pretty much all around the world.”
For full interview [click here](https://cheddar.com/videos/honeywell-spins-off-garrett-motion).
The Tony Awards on Sunday lured 4.85 million viewers to CBS, its largest broadcast audience in six years. CBS says Monday that Nielsen data shows the telecast — hosted by “Wicked” star Cynthia Erivo — scored a 38% increase over last year’s 3.53 million viewers. That’s the largest audience for the Tonys since 2019, when the telecast that year nabbed 5.4 million viewers and “Hadestown” was crowned best new musical. The latest version also had to compete with the second game of the NBA Finals, between the Thunder and Pacers,
After stumbling out of the starting gate in Big Tech’s pivotal race to capitalize on artificial intelligence, Apple tried to regain its footing Monday during a developers conference that focused mostly on incremental advances and cosmetic changes in its technology.
Six weeks before UnitedHealthcare CEO Brian Thompson was gunned down outside a Manhattan hotel last December, Luigi Mangione mused about rebelling against “the deadly, greed fueled health insurance cartel” and expressed that killing the executive “conveys a greedy bastard that had it coming."
Shaquille O’Neal and Allen Iverson once clashed on the court in the 2001 NBA Finals, but now the basketball legends are joining forces to revive the Reebok brand they helped make iconic.
Midea is voluntarily recalling about 1.7 million of its popular U and U+ Smart air conditioners because pooled water in the units may not drain fast enough, leading to mold growth.
