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Honeywell CEO says suspending enterprise in Russia received’t be a significant headwind

Honeywell‘s determination to halt enterprise actions in Russia following the nation’s invasion of Ukraine is unlikely to trigger issues for the corporate’s steadiness sheet, CEO Darius Adamczyk informed CNBC on Monday.

“It has some implications, but it surely’s the correct factor to do, it is a bit bit north of 1% of our general shares, and our manufacturing presence there may be comparatively small,” Adamczyk mentioned in an interview on “Mad Money.”

“We’ll see what occurs. We’re monitoring the state of affairs,” he added.

The expertise agency is one in every of hundreds of companies which have stopped or curtailed operations in Russia together with Adidas, McDonald’s and Apple. The corporate announced its determination to “considerably” droop its actions on March 8.

As for the corporate’s different doable headwinds, Adamczyk mentioned that Honeywell’s provide chain and uncooked materials prices have been manageable. Honeywell’s fourth quarter income fell short of expectations final month attributable to provide chain points, amongst different components. 

“We have truly achieved a great job of defending that enterprise. Titanium is one thing we watch very intently and a number of the elements there, however we have been a bit bit forward of the sport and secured sources of provide, so we’re in fairly good condition there.”

Honeywell inventory was up 0.53% on the finish of Monday’s buying and selling session.

When requested about future plans, Adamczyk mentioned that the corporate plans to purchase $4 billion value of shares, which he considers to at the moment be a “cut price,” and look towards making acquisitions.

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