Honeywell CEO states suspending service in Russia will not be a significant headwind

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

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Honeywell’s choice to stop service activities in Russia following the nation’s intrusion of Ukraine is not likely to trigger issues for the business’s balance sheet, CEO Darius Adamczyk informed CNBC on Monday.

“It has some implications, but it’s the right thing to do, it’s a little bit north of 1% of our overall shares, and our manufacturing presence there is relatively small,” Adamczyk stated in an interview on “Mad Money.”

“We’ll see what happens. We’re monitoring the situation,” he included.

The innovation company is among numerous business that have actually stopped or reduced operations in Russia consisting of Adidas, McDonald’s andApple The business revealed its choice to “substantially” suspend its activities on March 8.

As for the business’s other possible headwinds, Adamczyk stated that Honeywell’s supply chain and basic material expenses have actually been workable. Honeywell’s 4th quarter earnings disappointed expectations last month due to provide chain concerns, to name a few elements.

“We’ve actually done a good job of protecting that business. Titanium is something we watch very closely and some of the components there, but we’ve been a little bit ahead of the game and secured sources of supply, so we’re in pretty good shape there.”

Honeywell stock was up 0.53% at the end of Monday’s trading session.

When inquired about future strategies, Adamczyk stated that the business prepares to purchase $4 billion worth of shares, which he thinks about to presently be a “bargain,” and look towards making acquisitions.

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