This Research Note examines Honeywell’s Automation & Control Solutions (ACS) businesses from 10 years ago, and highlights its evolution and major organizational changes since then, resulting in the forthcoming spin-off into an Automation public company.  We compare and assess the new organization, review its success factors and ongoing challenges, before providing our view on the business. Honeywell Conglomerate in 2014 In 2014, Automation & Control Solutions (ACS) segment sales were $14.5B, accounting for a diverse portfolio which included building control systems, home comfort and security, as well as a raft of non-building-related businesses, such as personal protective equipment, scanning and mobile computers, and remote health monitoring. The Homes and Buildings end markets accounted for $9.7B revenues in 2014, 67% of the ACS segment. Major M&A and Divestments In April 2014, Honeywell Process Solutions (HPS), with 2013 sales of $3.1 billion, was moved from ACS to PMT.  In September 2016, ACS was split into two reporting […]