Honeywell Inc has responded to the intense takeover speculation by announcing a major restructuring programme that will see 4,000 employees losing their jobs over the next 18 months, a cutback in its inter ests in Japan, a retreat from parts of the defence business and a buy-in of up to 10m shares – plus a 65 cent special dividend in the fourth quar ter. It will sell a substantial part of its 50% of the Yamatake-Hon eywell controls joint venture in Ja pan, a holding valued by analysts at near $1,000m. The company intends now to focus primarily on its cont rols business, which embraces milit ary and space as well as building and industrial controls. The moves to restructure the firm are expected to improve operating profits by about $150m over the next 18 months.
