Honeywell will license its brand to Resideo under a long-term agreement for use in its home comfort and security hardware, and software solutions for all channels.

Mike Nefkens is president and CEO of Honeywell's Homes and ADI Global Distribution businesses, which will be named Resideo when they spin later this year.

"The home is the biggest investment most of us will ever make – the place where we create a lifetime of memories," said Mike Nefkens, president and CEO, Honeywell Homes, the business that will become Resideo. "Because the home is a centerpiece of our lives, we expect it to be secure, comfortable and safe at all times. Resideo builds on Honeywell's strength in providing the world's best solutions to help people to live more productive, comfortable and safer lives. And because smart home choices can be truly overwhelming, our mission is to provide consumers with integrated, simple solutions for today's connected home."

"Through its iconic brand and unparalleled presence in the home and low-voltage product distribution markets, Resideo will have an enviable position from its first day," said Roger Fradin, chairman of the Board, Resideo, who has four decades of leadership experience in the home comfort and security industries. "Resideo has several distinct advantages: a pipeline of innovative products and services, a sharp focus on its customers and global scale with a world-class brand. Given its ability to serve a wide range of customers around the world, Resideo is poised to be the preferred choice for consumers and channel partners, and a very compelling investment for shareowners."

Resideo will benefit from a large network of professional partners and customers who buy and support the Honeywell Home line of products. This network includes more than 110,000 contractors, who are an integral part of Resideo's sales and go-to-market strategies. As an independent company, Resideo will support their growth by investing in sales and technical training, improving channel partner marketing and related programmes to enhance their ability to meet the needs of homeowners.

The network also includes more than 3,000 distributors and 1,200 original equipment manufacturers (OEMs), major retailers and online merchants. More than 4.7 million of Resideo's customers use connected devices in their homes, which provide them app-based access to controls, monitoring and alerts. After the spin, the new company will already have approximately 30 million installed sensors generating more than 250 billion data transmissions annually.

The ADI Global Distribution business has more than 200 physical locations in nearly 20 countries, offering more than 350,000 products to more than 100,000 contractors. ADI Global Distribution will retain its name and remain as a free-standing distribution business of Resideo, allowing its global low-voltage contractors to access the products and technologies they need to meet the needs of their customers.