Joint venture plans for ADI cancelled
SYOSSET, N.Y.-Five months after announcing plans to find a joint venture partner for product distributor ADI, Honeywell officials say that's being called off.
No reasons was given for the decision, which was announced in mid-February. Officials declined to elaborate further on aÃ‚Â company issuedÃ‚Â press releaseÃ‚Â and clarify what Honeywell meant by finding "a joint venture partner" for ADI.
"This action is clearly an affirmation of ADI's strategic importance to Honeywell," said Roger Fradin, president of Honeywell Security and Fire Solutions, in a press release.
The initial announcement that Honeywell was looking at joint venture opportunities for ADI came in September, after some published reports stated that Honeywell planned to sell its security product manufacturing unit, such as Ademco.
Company officials were quick to deny the reports. "Ademco Group is not for sale," said Fradin, at that time. "Honeywell is delighted with our performance and recognizes that Ademco Group is an essential part of its portfolio."
Officials from Honeywell said this fall it was looking at selling non-core business units, such as its security installation arm.