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Honeywell, one of the last remaining U.S. industrial conglomerates, will split into three independent companies, following in the footsteps of manufacturing giants like General Electric and Alcoa.The company said Thursday that it will separate from its automation and aerospace technologies businesses. Including plans announced earlier to spin off its advanced materials business, Honeywell will consist of three smaller entities in hopes that they will each be more agile.“The formation of three independent, industry-leading companies builds on the powerful foundation we have created, positioning each to pursue tailored growth strategies, and unlock significant value for shareholders and customers,” Honeywell Chairman and CEO Vimal Kapur said in a statement.Honeywell had said in December that it was considering spinning off its aerospace division. The public announcement arrived about one month after Elliott Investment Management revealed a stake of more than $5 billion in the aerospace, automation, and materials company. Elliott had been pushing for the Charlotte, North Carolina, company to separate its automation and aerospace businesses.The board of Honeywell International Inc. had been exploring strategic options for the company since earlier in 2024.The company, which makes everything from eye solution to barcode readers, has been seeking ways to make itself more nimble. Over the past year and a half, just after Kapur took over as CEO, Honeywell has announced plans for the advanced materials business spin-off, entered into an agreement to sell its personal protective equipment business, and made several acquisitions.The separation of the automation and aerospace technologies businesses is expected to be completed in the second half of 2026. The spin-off of the advanced materials business is anticipated to be completed by the end of this year or early next year.Like Honeywell, other U.S. conglomerates have been pressured by shareholders to simplify their structures, allowing each segment of the company to move more freely and adapt to changes in their respective markets.Iconic CEOs like Jack Welch of General Electric spent years building corporate American behemoths with the belief that with scale came power. Yet those massive companies were forced to compete with upstarts with a narrow focus and a more clearly defined set of goals.Investors also wanted a more clear view of the priorities within each division, which became more murky as the companies grew.In 2015, metals maker Alcoa said that it was splitting into two independent companies, separating its bauxite, aluminum, and casting operations from its engineering, transportation, and global rolled products businesses.GE announced in 2021 that it was dividing itself into three public companies focused on aviation, healthcare, and energy. At the time, the move was viewed as a potential signal of the end of conglomerates as a whole thanks to the move toward a digital economy.Shares fell almost 3% before the market opened Thursday. Michelle Chapman, AP Business Writer
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Gucci announced on Thursday that its creative director of under two years, Sabato De Sarno, has left the position just two and a half weeks before the next runway show, and that the new collection would be created by the design team.The abrupt announcement of De Sarno’s departure comes as Gucci prepares to open Milan Fashion Week with a combined womenswear and menswear collection on February 25. His replacement will be announced “in due time,” the statement said.Gucci’s new CEO, Stefano Cantino, expressed gratitude for De Sarno’s focus on “Gucci’s craftsmanship and heritage,” while Kering deputy CEO Francesca Bellettini said he had “further strengthened Gucci’s fundamentals.”De Sarno, 42, was named creative director of the storied Italian fashion house two years ago after the surprise departure of Alessandro Michele, who powered brand sales and owner Kering’s earnings with gender-fluid, eclectic, and romantic collections that rewrote Gucci’s codes.De Sarno’s tenure was marked by a return to more essential silhouettes and wardrobe basics that sought broader public appealbut ultimately had disappointing sales. Kering earnings have been slipping, with third quarter revenues down 15% to 3.8 billion euros as Gucci revenue plunged 26% to 1.6 billion euros. Kering announces its full-year earnings next week.Gucci’s heritage as a luggage and leather goods maker founded more than 100 years ago in Florence has given successive creative directors the potential for great leeway to interpret the brand’s codesstarting with Tom Ford’s sexy silhouettes of the 1990s.This is not the first time the Gucci has taken a dramatic late-season creative shift.The departure of Michele’s predecessor, Frida Giannini, was announced in January 2015 only as the fashion crowd arrived for the menswear runway preview. The new collection, headed by Michele as part of the Gucci team, was put together in a scant five days, and featured the then-dramatic pussy bow blouse for men as the new eclectic vision for Gucci took focus.De Sarno arrived from Valentino, where he was fashion director overseeing both men’s and women’s collections. Michele is now putting his stamp on Rome-based Valentino as creative director.The announcement comes amid a series of creative moves at major fashion houses, including the recent departure of Kim Jones as creative director of Dior’s menswear collections. Colleen Barry, AP Fashion Writer
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Dairy cattle in Nevada have been infected with a new type of bird flu that’s different from the version that has spread in U.S. herds since last year, Agriculture Department officials said Wednesday.The detection indicates that distinct forms of the virus known as Type A H5N1 have spilled over from wild birds into cattle at least twice. Experts said it raises new questions about wider spread and the difficulty of controlling infections in animals and the people who work closely with them.“I always thought one bird-to-cow transmission was a very rare event. Seems that may not be the case,” said Richard Webby, an influenza expert at St. Jude Children’s Research Hospital.A version of the H5N1 bird flu virus known as B3.13 was confirmed in March after being introduced to cattle in late 2023, scientists said. It has infected more than 950 herds in 16 states. The new version, known as D1.1, was confirmed in Nevada cattle on Friday, according to USDA. It was detected in milk collected as part of a surveillance program launched in December.“Now we know why it’s really important to test and continue testing,” said Angela Rasmussen, a virus expert at the University of Saskatchewan in Canada, who helped identify the first spillover.The D1.1 version of the virus was the type linked to the first U.S. death tied to bird flu and a severe illness in Canada. A person in Louisiana died in January after developing severe respiratory symptoms following contact with wild and backyard birds. In British Columbia, a teen girl was hospitalized for months with a virus traced to poultry.At least 67 people in the U.S. have been infected with bird flu, mostly those who work closely with dairy or cattle, according to the U.S. Centers for Disease Control and Prevention.USDA officials said they would post genetic sequences and other information about the new form of the virus to a public repository later this week. Scientists said that would be key to understanding whether the spillover was a recent event or whether the virus has been circulating, perhaps widely, for longer.“If this turns out to have been something that crossed into cattle a couple months ago, a couple months is a long time not to detect it,” said Michael Worobey, an evolutionary biologist at the University of Arizona who has studied the H5N1 virus in cattle.He added that it’s important for federal officials to share promptly information about a virus that has the potential to trigger a pandemic that could “make COVID seem like a walk in the park.”“It’s a vital part of national security, global security, the well-being of people, of animals, and of businesses in the U.S.,” Worobey added. The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Science and Educational Media Group and the Robert Wood Johnson Foundation. The AP is solely responsible for all content. Jonel Aleccia, AP Health Writer
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